Prominent blockchain tracker Shibburn has revealed an impressive rise shown by the SHIB burn rate over the last day. A large amount of meme coins was burned to reached it.
Meanwhile, the SHIB price has demonstrated a slight increase since yesterday morning, moving in the same direction as the aforementioned metric.
SHIB burns jump 588%
According to the aforementioned data platform, over the past day, the loyal community of the second largest meme cryptocurrency, Shiba Inu, has succeeded in driving the SHIB burn rate up 588.25%.
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An astounding amount of meme coins, namely 15,492,566 SHIB, has been burned in total. The largest single amount of coins sent to unspendable wallets was 13,755,030 SHIB. The second biggest of the seven burn transactions carried 800,000 SHIB.
Image via Shibburn
The weekly burns have decreased by 37.88%, with 81,938,935 SHIB destroyed in total over the past seven days.
Overall, a massive 584,297,362,168,336 SHIB remain circulating the market, while almost half of the initial quadrillion supply – 410,744,497,531,903 SHIB – has been burned already. The more tokens burned, the higher the odds that the SHIB price will eventually skyrocket to $0.10 and higher. However, to achieve that price level, many SHIB enthusiasts believe it is necessary to burn at least 90% of the meme coin’s supply.
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SHIB executive reveals harsh realities of crypto "Wild West"
Earlier this week, the official marketing expert of the SHIB team, famous under the pseudonym Lucie, published a tweet to share some important information with the community. It was sort of a warning against the traps of building and investing in the cryptocurrency market.
Lucie warned that the market is “lawless, unpredictable, and full of both opportunity and danger,” and only the sharpest can survive in it.
Per Lucie's tweet, the main below-the-surface icebergs here are unpredictability, volatility and “the hype game.” However, the necessary qualities to survive are self-reliance and vigilance. Having a sharp mind, using observation and having a good strategy is crucial. “Knowledge is your best defense,” she stated. It does not matter much if you are a SHIB holder or support any other cryptocurrencies: “The rules are the same: Play smart, stay sharp, and never bet more than u can afford to lose,” Lucie concluded her message to the community.
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