SHIB Burns Crash Hard As Market Collapses: Details

Details revealed by the popular tracking platform Shibburn show that over the past day, the key SHIB burn metric has demonstrated a massive plunge in light of the overall crypto market collapse that started over the weekend.

As the crypto bloodbath befell the market, the SHIB burn metric has suffered as well, dropping by almost 100%. That happened as the SHIB token briefly saw a massive 32% crash.

Burn rate deep in red

A recently published tweet from the data source mentioned above shows that over the past 24 hours, the daily burn rate has plunged by 91.61% compared to the previous day. This time a total of 2,602,610 SHIB meme coins were transferred to unspendable blockchain addresses. The largest dead-end-wallet transaction carried 1,913,509 SHIB from circulation. There have been three burn transfers in total this far, according to the Shibburn website.

While the daily burns are quite low, the weekly burn rate has skyrocketed by a whopping 3,614.46% with a staggering 1,162,030,479 SHIB burned out of the circulating supply in total.

1,000,148,675 SHIB were destroyed on Friday, January 31, by the Shiba Inu team as they introduced a major update for the Shibarium automated burn mechanism, calling this SHIB burn portal ShibTorch V2. That was a significant milestone both for the SHIB team and the meme coin’s loyal community. The burn was conducted by the “Shib: Deployer 2” wallet on the Ethereum chain.

According to a tweet published by the Shibarium Updates account on X, it was: “an upgraded burning system designed for greater efficiency, accessibility, and community participation.”

SHIB crashes 32% as Bitcoin takes hit

The second-largest meme cryptocurrency Shiba Inu has dipped by 34% on the deepest fall but then retraced quickly, making in a 25% decline. SHIB followed Bitcoin and the rest of the cryptocurrency market which suffered from the trade tariff war imposed by the US government on Mexico, Canada, and China.

The US president did that as Canada rejected his offer to become the 51st US state and to punish Mexico for a massive inflow of illegal immigrants and drugs from that country. As it started on Saturday, markets reacted quickly but over the weekend the collapse continued and the crypto market took a hit as more than $2.2 billion worth of liquidations were made over the past day.