SHIB Burns Jump 3,484%, 537,187,730 SHIB Goes Up in Flames

The Shiba Inu community continues to relentlessly burn meme coins to bring the massive supply down. Thanks to the recent efforts, the $SHIB burn rate metric has displayed an impressive four-digit surge, according to the $SHIB burn tracking platform.

Meanwhile, the $SHIB price has managed to recover, adding approximately 5% after the fall experienced on Friday.

Half billion $SHIB gets burned

The above-mentioned on-chain data source revealed that over the past 24 hours, the daily $SHIB burn rate saw a staggering increase of 3,484.34%. This four-digit rise was possible thanks to a massive 537,187,730 $SHIB getting removed to unspendable blockchain wallets and out of circulation.

This half a billion $SHIB was removed in five dead-wallet transfers. The largest ones on that list carried 310,744,788 $SHIB, 107,333,061 and 103,276,575 $SHIB. All the three transfers were made from the same anonymous wallet, ending in -82019a. These three transfers were consecutive and took place approximately nine hours ago, each taking just minutes to reach the burn wallet.

As for the weekly burn rate, the $SHIB community has managed to trigger a 481.17% increase after sending 687,249,104 $SHIB to a virtual furnace in the past seven days. Largely, this boost was down to the 537.1 million $SHIB destroyed on Friday.

Shytoshi Kusama fires back at scammers

On Friday, the mysterious $SHIB lead developer, known to the community as Shytoshi Kusama, took to his Telegram channel to make a statement to the Shiba Inu community. The screenshots were shared by $SHIB’s marketing lead Lucie on her X handle.

Kusama once again this week said that soon he would release the new $SHIB AI whitepaper that he mentioned on his X account twice this month. He said: “I’ll explain what I’ve come up with here and organize so we can start moving this forward.”

He also took a jab at scammers, urging the community to ignore them, adding: “They don’t understand how I work and they don’t need to.” Before that, Kusama published a few tweets on Thursday, breaking a two-week pause during which he showed zero activity on his social media accounts, including X.

This message on Telegram and earlier on X came out after the $SHIB team rolled out a new update — the L3 solution for Shibarium called Shiba Alpha Layer.