SHIB Burns Jump 567%, But Here’s Big Price Twist

According to the data provided by the public blockchain data tracker Shibburn, which monitors SHIB burn transfers on the Ethereum chain and shares the details on its website and the X account, over the past day, burn efforts have been quite successful, pushing millions of meme coins out of circulation.

Meanwhile, the SHIB price did not mirror the big burn rate increase and faced a sudden plunge after more than a 31% increase.

SHIB burns spike 567%

A recent tweet issued by the above-said data source shows that during the past 24 hours, the SHIB community has made significant progress in diminishing the circulating meme coin supply. They shoveled a total of 4,618,788 SHIB into unspendable blockchain wallets, raising the burn rate by 567.83%.

The two biggest burn transfers here carried lumps of 1,913,509 and 1,425,595 SHIB to dead-end wallets.

As for the weekly burn rate, things stand a lot better here with the weekly rise of 3,829.29% and 1,163,645,543 SHIB meme coins burned overall.

Currently, the circulating supply of the second-biggest meme cryptocurrency, Shiba Inu, comprises 584,276,060,739,814 coins. Of these, 410,744,336,857,535 have been burned, mostly in May 2021 by Ethereum leader Vitalik Buterin, who received half of the quadrillion SHIB supply as a gift from the mysterious SHIB creator Ryoshi. 4,979,602,402,649 SHIB have been staked in various DeFi projects.

SHIB price 11% down

In an unexpected turn of events, the prominent meme-inspired cryptocurrency SHIB plunged more than 11% during the past 24 hours. After a marginal rebound, it is now changing hands at $0.00001522 after losing the $0.00001690 price level.

Notably, this price decline came after a mind-blowing price surge when SHIB soared by almost 31% on Monday, following the Bitcoin price trajectory.

The world’s primary cryptocurrency Bitcoin spiked by 10% on Monday, recovering from the 12% collapse it faced between Friday and Monday as the US government unleashed trade war on Canada, Mexico, and China. However, following the negotiations, Trump paused the 25% tariffs on Mexican imports and came to an agreement with Canada. Bitcoin responded immediately by going up. On Monday, it managed to regain the $102,000 level but by now it has dropped 3.8% and is changing hands at $98,255, losing $100,000 again.