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Tenacious efforts of the $SHIB community to reduce the circulating Shiba Inu supply continue, removing tens of millions of meme coins from the market.
The $SHIB burn rate has surged today along with the $SHIB price, which added more than 7%.
$SHIB burns show 4-digit rise
According to the data published on the website of the popular blockchain tracker Shibburn, over the last 24 hours, the $SHIB burn rate gone up by a substantial 6,858.37% since last morning. The total amount of meme coins destroyed in the last 24 hours stands at 18,902,967 $SHIB.
The two largest burns out of five today carried 17,823,884 and 1,070,924 $SHIB to unspendable wallets.
As for the weekly burns, they proved to be low as well, with the burn rate showing minus 89.3%. In total, 55,017,003 $SHIB have been burned during the past week.
Part of $SHIB burns are made by the $SHIB team through an automated burn portal; 30% of the gas fee on Shibarium is collected for that. That fee is paid in BONE, which later gets converted into $SHIB and then burned out of circulation. The daily transaction count on the Layer-2 network Shibarium is currently down at 4.26 million, which may partly explain the low weekly $SHIB burns level.
$SHIB market performance
Since Friday, the second-largest meme cryptocurrency, $SHIB, has staged a more than 8% price increase. The majority of it has taken place today as the coin added 7.16% with a small rebound to follow.
At the time of this writing, $SHIB is changing hands at $0.00001581. As the world’s flagship cryptocurrency, Bitcoin, soared above the $103,000 level on Friday for the first time since January, coming close to $104,000, altcoins and meme coins in particular followed suit.
On-chain analytics data company Santiment has reported that certain assets have caught the bullish momentum in the market this weekend and those are meme coins, liquid staking assets and Layer-1 coins.