SHIB Burns Skyrocket 27,660% with 503,305,764 SHIB Gone Forever

Popular blockchain tracker Shibburn has published a tweet, notifying the community about a mammoth amount of $SHIB has been burned since last morning.

This gigantic burn has triggered am immense five-digit percentage growth in the burn rate.

$SHIB burn rate jumps 27,660%

The aforementioned data source spread the word about an astounding rise in the burn rate, which this time reached a whopping 27,660% with 503,305,764 $SHIB transferred to unspendable blockchain wallets in total.

According to the same data aggregator, it took ten burn transactions to remove that massive amount of meme coins from the market circulation.

However, almost all of the aforesaid half a billion meme coins was destroyed in a single transfer as 459,294,504 $SHIB were sent to a dead-end wallet seventeen hours ago. In the past, such massive amounts of $SHIB were burned either by the $SHIB team itself or by just emerged meme coins whose leaders made attempts to attract attention from the $SHIB community.

Weekly $SHIB burn rate spikes

That huge burn transfer was followed by three much smaller but still bigger than ordinary ones. Fifteen hours ago, they carried 14,624,004, 12,840,092, and 13,670,155 $SHIB.

The most recent burn took place took place two hours ago and it destroyed 2,299,994 $SHIB.

On Thursday, Shibburn reported a much smaller rise in the burn metric at 123%—with only 1,816,326 $SHIB coins torched.

Yesterday, the $SHIB community saw its most significant single burn of the week—the weekly burn totals 560,061,627 $SHIB, with the metric surging by 531.6%.

By now, the circulating supply of $SHIB constitutes 584,349,216,345,322 meme coins, with 410,745,326,630,178 $SHIB burned since May 2021. $SHIB currently sits on the 17th spot on the CoinMarketCap scale with a market capitalization value of $7,287,173,601. The second-largest meme coin on the market is changing hands at $0.00001239.