SHIB Burns Skyrocket 106,040%, But There’s Big Catch

One of the key Shiba Inu metrics, the $SHIB burn rate, has suddenly jumped to an impressive six-figure level since Friday morning, according to a tweet issued by the Shibburn wallet tracker.

However, there is a substantial catch to this tremendous $SHIB burn rate surge.

$SHIB burns soar 106,040.49%

A tweet published by the above-mentioned data source earlier today shows that the $SHIB burn rate has rocketed as high as 106,040.49% over the past 24 hours. However, the amount of $SHIB coins destroyed this time is much smaller that one, perhaps, would expect here and it comprises 15,330,933 $SHIB.

Still, this burn-rate $SHIB number stands in a sharp contrast to what was burned on Friday - 14,444 $SHIB with the burn rate down by almost 100%.

So far there have been just two burn transactions today. The largest one did it all, moving 15,023,347 $SHIB from the circulating supply and into an unspendable wallet. The second one burned only 307,585 $SHIB.

$SHIB executive highlights $SHIB team's milestones

On Friday, $SHIB’s official marketing lead, Lucie, took to the X platform to remind the Shiba Inu community about the enormous role played by the $SHIB team in the fate of the same-name meme coin and its ecosystem. Lucie published a recap of all products launched by the team for $SHIB and all the hard work undertaken by it to expand and support the meme coin and its ecosystem.

Starting from 2020, Lucie said, the team embraced $SHIB after its creation and launch by Ryoshi (it was launched as a decentralized ERC-20 token on Ethereum) with no presale or team allocation.

In 2021, the team launched the ShibaSwap dex, introducing DeFi to it with staking and liquidity farming to $SHIB. Then followed the launch of Shibarium in August 2023. Later, the team implemented an automatic burn portal on Shibarium, developed the $SHIB Identity System. Parallel to that, the team succeeded in achieving numerous $SHIB listings on more than 100 exchanges, including Binance, Coinbase, Kraken, and Bitstamp.

After that, $SHIB real-world adoption expanded as the meme coin was added as payment by global brands and retailers, $SHIB expanded into the gaming and NFT spheres. Last year, the team finally rolled out the $SHIB Metaverse – a virtual world that reflects $SHIB’s vision with customized lands, hubs meant to be used for digital commerce in the future.