Data provided by the Shibburn blockchain tracker has revealed that the burn rate has logged an impressive rise of 857%, with more than half a billion meme coins locked in dead-end wallets.
Meanwhile, the price of the second most popular meme cryptocurrency has attempted a recovery this week and regained roughly 4% after its recent losses so far.
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SHIB burns spike 857%, but there's a catch
The aforesaid data source reported that a total of 551,362,754 SHIB meme coins have been burned over the past seven days, i.e., transferred to unspendable blockchain wallets. The weekly burn rate skyrocketed by 856.72%.
The largest SHIB batch from that half a billion coins was burned on March 15; that burn transaction carried a massive 459,294,504 SHIB to a zero wallet. On that day, daily burns surged by 27,660%.
HOURLY SHIB UPDATE$SHIB Price: $0.00001289 (1hr 0.56% ▲ | 24hr 2.37% ▲ )
Market Cap: $7,556,992,093 (1.70% ▲)
Total Supply: 589,254,627,612,826
TOKENS BURNT
Past 24Hrs: 2,359,521 (-75.68% ▼)
Past 7 Days: 551,362,754 (856.72% ▲)
As for the past 24 hours, the daily burns have plunged by 75.68%, taking as little as 2,359,521 SHIB out of the circulating supply.
The ambitious goal of SHIB burns is to reduce the circulating supply of the dog-themed meme coin to the point that it becomes so scarce that the SHIB price will skyrocket to $1, or at least $0.01.
According to the Shibburn website data, 410,745,372,387,173 SHIB coins have been torched in virtual furnaces so far. A total of 4,904,847,020,312 SHIB has been staked, meaning it is not only circulating temporarily. At the moment, 584,349,780,592,513 SHIB remain in circulation.
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SHIB burns continue to thrive thanks to Shibarium
Two days ago, the Shibarium Updates X account, affiliated with the SHIB team, spread the word about SHIB burns, assuring that the layer-2 solution Shibarium will continue to actively participate in removing meme coins from the circulating supply.
The tweet published by that account on that day reminded the community that the SHIB team burns meme coins thanks to all transactions taking place on Shibarium, i.e., using gas fees paid in BONE token.
Thirty percent (30%) of the gas fee will be set aside for supporting Shibarium, the tweet said, and 70% of BONE fees will be converted into SHIB and then burned. The tweet also shared a link to the SHIB website page, which shows all the burns conducted thanks to those transaction fees.
Currently, according to the site, 13,209,679.60 SHIB is about to be transferred to dead wallets.
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