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Data shared by on-chain tracking platform Shibburn reveals a massive burn plunge after an impressive amount of meme coins were driven out of circulation over the weekend.
This collapse of the SHIB burn rate mirrors the current plunge of the cryptocurrency market overall.
SHIB burns down 87%
The aforementioned data source revealed a substantial decline in the burn rate of the second-largest meme cryptocurrency, SHIB. Over the past 24 hours, this metric has gone down by 86.56%, with only 647,360 SHIB coins moved out of the circulating supply, i.e., burned.
A day before, the SHIB community managed to burn around 4x of this amount; a total of 4,817,744 SHIB was sent to an unspendable blockchain address in a single transaction.
Overall, approximately half of the initial quadrillion SHIB supply has already been destroyed — 410,754,272,928,865 meme coins, according to data from the Shibburn website.
Bitcoin pulls market down, mirroring 2018 crypto winter
Over the weekend, the world’s largest cryptocurrency, Bitcoin, lost roughly 4.54%, falling from the $90,520 zone to $86,400, pulling the rest of the crypto market down as well. By now, Bitcoin has managed to pare some of its losses, rising by 1.48% and trading at $87,690 per coin. Still, BTC continues to decline in small moves.
Currently, Bitcoin is somewhat recalling the 2018 price crash, when it faced several consecutive red monthly candles. Should January close in the red, too, this would be the first similar multimonth decline in the past eight years. Back then, the bellwether crypto even went as low as $3,000 during the infamous crypto winter.
In November, Bitcoin crashed by 17.67%, which was the worst price decline since November 2022, when the FTX crypto giant collapsed and went bankrupt. The traditional “Santa Rally” in December also failed, resulting in an almost 3% price decline.
Meanwhile, large whales are taking advantage of this price dip and continue to stack Sats. On Friday, Robert Kiyosaki, the author of the popular book “Rich Dad Poor Dad,” tweeted that he was not bothered by the Bitcoin — as well as gold and silver — price volatility. He is certain that the U.S. is dying, and he just continues to accumulate more BTC.
On Jan. 20, Michael Saylor announced that his BTC treasury firm Strategy had acquired 22,305 BTC for roughly $2.13 billion.
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