Popular blockchain tracker Shibburn has published a tweet, notifying the community about a mammoth amount of SHIB has been burned since yesterday morning.
This gigantic burn has triggered an immense five-digit percentage growth in the burn rate.
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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 10 burn transactions to remove that massive amount of meme coins from market circulation.
HOURLY SHIB UPDATE$SHIB Price: $0.00001239 (1hr 0.34% ▲ | 24hr 2.11% ▲ )
Market Cap: $7,287,173,601 (1.91% ▲)
Total Supply: 589,254,675,669,815
TOKENS BURNT
Past 24Hrs: 503,305,764 (27660.81% ▲)
Past 7 Days: 560,061,627 (531.67% ▲)
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 17 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.
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Weekly SHIB burn rate spikes
That huge burn transfer was followed by three much smaller transfers that were 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 in 17th place 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.
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