The vast and loyal Shiba Inu army of users has again demonstrated high results in burning their favorite meme coin, SHIB, as this time, within the last 24 hours, they have removed almost a quarter billion SHIB coins.
These successful efforts have pushed the burn rate up nearly 1,447%, according to data provided by the Shibburn tracking platform.
Meanwhile, over the weekend, a staggering rise in SHIB network activity was noticed as thousands of new Shiba Inu wallets emerged in a single day. Still, this entire rising activity pushed SHIB up by only 2.28% over the past week.
SHIB burn rate soars, billions of coins destroyed
Data shared by Shibburn on its website shows that during the last 24 hours, Shiba Inu community members removed a total of 225,049,340 SHIB from the supply circulating on the market. This is the equivalent of roughly $2,000.
Things are a lot better with weekly burns this time. According to the aforementioned source, over the last week, the SHIB army has gotten rid of 2,915,482,121 SHIB in total. This is 51.48% less than during the previous same period of time, when about five billion Shiba Inu coins were removed from the circulating supply.
HOURLY SHIB UPDATE$SHIB Price: $0.0000088 (1hr 0.10% ▲ | 24hr -0.27% ▼ )— Shibburn (@shibburn) May 29, 2023
Market Cap: $5,185,450,604 (-0.09% ▼)
Total Supply: 589,354,997,085,910
Past 24Hrs: 225,049,340 (1447.7% ▲)
Past 7 Days: 2,915,482,121 (-51.48% ▼)
Number of new SHIB wallets spike
Over the weekend, crypto analyst and trader Ali Martinez pointed out a massive sudden rise in the number of newly emerged Shiba Inu addresses.
According to his tweet, on May 26 alone, users created 2,538 new SHIB wallets on the network. He noted that this was the highest rise in new addresses within the last three months.
According to data provided by Puppyscan, the total number of SHIB addresses linked to the beta version of the Shibarium Layer 2 solution known as Puppynet has surged above 16 million, now sitting at 16,067,857 wallets in total.
The overall number of transactions has hit 13,730,253, while the total number of blocks has surpassed one million, reaching the 1,043,932 level. However, the time taken to produce a single block on the network has risen from 5.0 seconds to 7.8 seconds.
At the time of this writing, Shiba Inu meme coin is changing hands at the $0.000008781 level, down a marginal 0.01% within the past 24 hours.