SHIB Burn Rate Soars

Popular blockchain tracker Shibburn has notified the community about a massive amount of SHIB burned since last morning, resulting in an enormous increase in the burn rate.

SHIB Burn Rate Jumps 27,660%

The recent data indicates an astounding rise in the burn rate, reaching a whopping 27,660% with 503,305,764 SHIB transferred to unspendable blockchain wallets.

According to Shibburn, this monumental burn was achieved through ten transactions, significantly removing these 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% ▲)

Most of this noteworthy destruction of SHIB occurred in a single transfer, where 459,294,504 SHIB were sent to a dead-end wallet seventeen hours ago. Historically, such large amounts have been burned either by the SHIB team or by new meme coin projects aiming to grab attention from the SHIB community.

Weekly SHIB Burn Rate Spikes

Following the massive burn transfer, three smaller transactions were completed with a total of 14,624,004, 12,840,092, and 13,670,155 SHIB sent.

The latest burn transaction, occurring two hours ago, destroyed 2,299,994 SHIB.

On Thursday, a smaller increase in the burn metric was reported at 123%, with 1,816,326 SHIB burned. The community observed its largest single burn of the week yesterday, totaling 560,061,627 SHIB, an increase of 531.6%.

Currently, the circulating supply of SHIB is 584,349,216,345,322, with 410,745,326,630,178 SHIB burned since May 2021. SHIB ranks 17th on CoinMarketCap with a market capitalization of $7,287,173,601 and exchanges at $0.00001239.