25,696,960 SHIB In Merely Hours – What’s Happening?

According to the data published by the popular Shibburn on-chain burn tracker, over the past day, the Shiba Inu team has managed to dispose of a large amount of meme coins, moving millions of them out of the circulating supply.

As a result, the $SHIB burn metric has staged an impressive three-digit increase.

$SHIB burns spike 117% with millions of $SHIB scorched

Data from the above-mentioned tracking platform has revealed that over the past 24 hours, the $SHIB burn rate has showcased an increase of 116.76%, while a massive 25,696,960 $SHIB chunk was transferred into unspendable wallets and out of the circulating supply.

Shibburn revealed a list of six transactions that drove $SHIB to dead-end blockchain addresses. The largest ones carried 14,879,045 $SHIB and 8,000,000 $SHIB, plus three transfers shoveled around 1,000,000 $SHIB each.

881,353,310 $SHIB torched per recent update

A recent update revealed by the “Shibarium Updates” (@Shibizens) account on the X social media network shows that a much bigger amount of $SHIB than above has been burned recently through the layer-2 solution Shibarium. In particular, the tweet mentioned the ShibTorch platform.

Per this tweet, a massive 881,353,310 $SHIB coins have been burned in total. @Shibizens highlighted that these huge burns also included the recently conducted burns of 16,682,282.98 $SHIB and 521,134.84 $SHIB on April 14 and April 18.

Those 881.3 million $SHIB were converted from gas fees automatically collected from transactions performed on Shibarium and paid in BONE tokens – 30% of each fee is set aside to be converted into $SHIB and burned later, when a certain amount of BONE is set aside.

ShibTorch V2 is an integral part of the $SHIB Operating System ($SHIB O.S) released by the $SHIB team earlier this year. The original version of the burn mechanism debuted last year as the $SHIB team switched burns from a manual to an automated mode.

$SHIB price's fresh surge

Over the weekend, the second most popular meme cryptocurrency, Shiba Inu, has pleased its community by staging a nearly 5% price increase. On Sunday, it also showed a small 1.38% decline in between but quickly rebounded after it.

On Saturday, $SHIB recovered after a 2.56% price drop and then surged from $0.00001214 to the $0.00001272 price level, where it is changing hands at the time of writing this article.