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According to data shared by the public tracker Shibburn, over the past day, the key SHIB token burn metric has shown four-digit growth with millions of meme coins moved out of the circulating supply.
In the meantime, the SHIB team has issued a major post of encouragement to the Shiba Inu community how to get through the red wave in the crypto market.
SHIB burns up 3,172%
The aforementioned data source mentioned that during the past day, the SHIB burn metric has demonstrated an impressive rise of 3,172%. However, the amount of meme coins transferred to unspendable blockchain wallets was not immense — just 2,481,036 SHIB in total.
The two largest transactions here carried 1,331,608 and 1,000,000 SHIB seventeen and one hour ago, respectively.
SHIB team encouraging SHIB community
The official marketing lead of the SHIB team, known under the pseudonym Lucie, has published a statement to address the current crypto market bloodbath, while stock prices are going up.
She stated: “Stocks are pushing ATHs while BTC & ETH bleed,” believing that this “isn’t random, it’s engineered.”
It is big players shaking out leverage before “the real move” comes for Bitcoin and Ethereum, she said, reminding the community that ETH sat “dead at $1,385” and it skyrocketed to a new all-time high. Currently, “they’re setting up the same trap for alts,” the marketing lead believes.
However, the good news, she said, is that “rate cuts ahead, liquidity inbound,” and the payoff is likely to come in the fourth quarter. “Hold strong through the storm,” Lucie encouraged the SHIB army.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team