SHIB Burns Suddenly Jump 807% - What’s Happening?

Data shared by the prominent blockchain tracking service Shibburn has unveiled that during the last day, the $SHIB army has managed to push a substantial amount of $SHIB meme coins from circulation.

The current burn rate surpasses the previous day’s reading by roughly 4x.

$SHIB burn rate soars 807%

In a recent tweet, the forenamed data source revealed that over the last 24 hours, a massive amount of meme coins have been burned, i.e., transferred to dead-end blockchain addresses.

The $SHIB army managed to burn 20,530,875 $SHIB, which means these coins have permanently disappeared from the circulating supply. This has caused the burn rate of the second-largest meme cryptocurrency, $SHIB, to skyrocket by a whopping 807.68%.

The two largest burn transactions carried 13,561,250 and 6,327,651 $SHIB.

Weekly $SHIB burns plummet hard

As for the weekly burn rate, this metric has been deep in the red zone, showing a 94.6% decline. Still, the amount of coins transferred to unspendable wallets over the past week surpasses the daily burns roughly 3x and constitutes 62,766,791 $SHIB.

So far, according to the $SHIB burn website, a mind-boggling 410,744,396,856,118 $SHIB coins have been destroyed in total, largely thanks to Ethereum co-founder and public leader Vitalik Buterin. 584,285,875,445,159 $SHIB remain in the market.