Key SHIB Metric Soars 1,047%, Costing 158,727,357 Shiba Inu

Shibburn wallet tracker has spotted a major rise in the Shiba Inu burn rate metric; it has logged a four-digit increase, according to a recent tweet.

This was possible after more than 158 million $SHIB meme coins were burned out of circulation.

$SHIB burn rate spikes 1,047%

According to the aforesaid data source, the burn rate has skyrocketed by 1,047% over the past seven days. This immense growth was registered after a total of 158,727,060 $SHIB coins was transferred out of circulation and locked in unspendable blockchain addresses.

The largest amount of $SHIB was burned in a single move roughly six days ago, comprising 85,795,990 Shiba Inu. Three other large $SHIB chunks were burned two days ago and earlier today — 27,062,451, 10,000,000 and 10,000,000 coins.

As for the daily $SHIB burn, this indicator shows an 8% increase with 29,337,574 $SHIB torched.

$SHIB price crashes by 11%

Over the past 24 hours, the second-largest meme cryptocurrency, $SHIB, has dropped by 6.17%, but a rebound followed, letting it grow more than 1%. Overall, since last Wednesday, Shiba Inu has lost 11.26% in total.

At press time, the prominent meme cryptocurrency is changing hands at $0.00001260 after falling from a local high of $0.00001420 last week.