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According to data published by the popular wallet tracker Shibburn, over the past week, a mammoth amount of SHIB meme coins has been driven out of the market and out of circulation.
The SHIB burn rate displayed a three-digit increase.
Burn rate jumps 385%, with 329.6 million SHIB torched
The aforementioned data source revealed that over the past week, the SHIB community managed to dispose of an astounding lump of meme coins – 329,633,128 SHIB. That helped to lift the weekly SHIB burn rate by 358.82%.
The largest single amount of Shiba Inu meme coins burned over this period was 263,709,608 SHIB, and it was transferred to an unspendable wallet seven days ago. That burn was followed by substantial ones that destroyed 15,695,312 and 16,537,925 SHIB.
As for the daily burn rate, it is currently in the red zone, showing minus 97.49%, according to Shibburn. Earlier, U.Today reported a staggering daily SHIB burn rate jump of six digits – 468,968%. It was achieved thanks to the community burning 18,851,865 SHIB.
As of now, there are 584,422,998,412,933 SHIB left circulating the market. A total of 410,748,342,195,552 SHIB from the original one-quadrillion supply has been burned already. The majority of it was moved to dead wallets in May 2021 by Ethereum cofounder Vitalik Buterin after 500 trillion SHIB were presented to him by mysterious SHIB founder Ryoshi.
Scam warning to SHIB army from team
The official marketing lead of the Shiba Inu team, know to the community as Lucie, has addressed the SHIB army to warn it against the danger of cryptocurrency scams.
Lucie reminded the community about the existence of scammers in the cryptocurrency space. She stated that it is necessary to learn from mistakes: “You learn. You remember. You don’t forget.” DYOR is a popular acronym among crypto enthusiasts, standing for “do your own research.”
It is crucial to verify all fraudulent looking projects, SHIB ecosystem tokens, giveaways, etc. The regular set of security rules also includes avoiding connecting wallets to dubious websites and sharing personal data with scammers pretending to be SHIB team members.
Vladislav Sopov