SHIB Burns Soar 630% — What’s Happening?

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As a seasoned crypto investor with a knack for meme coins and a soft spot for Shiba Inus, I find myself both intrigued and encouraged by the recent developments in the Shiba Inu (SHIB) ecosystem. The skyrocketing burn rate, which surged an astounding 650% overnight, is indeed a promising sign. It’s like watching a dog chase its tail, but in this case, it’s a positive loop of tokens being removed from circulation.

Information provided by the well-known Shibburn wallet tracker indicates a significant surge in the rate at which SHIB tokens are being destroyed over the past day. This burn process has led to the elimination of millions of these meme coins from the current supply.

Regarding the past week’s burn rate, the community successfully incinerated over 100 million coins during this timeframe.

Burn rate jumps by 650%

The aforementioned data source spread the word about a massive burn rate surge over the last 24 hours. This key metric spiked by more than 630% overnight. However, the actual amount of burned meme coins was not that big and comprised 8,178,754 SHIB.

speaking about the weekly destruction of SHIB tokens, a significant number of them – 126,819,168 coins, were burned. This represents an increase of 34.64% compared to the previous week, as stated in Shibburn’s tweet. To date, a total of approximately 410,742,833,467,944 SHIB meme coins have been burned over the past few years, according to the Shibburn website.

1-hour Shiba Inu Update:

— Shibburn (@shibburn) December 20, 2024

Shiba Inu price action

Yesterday, the second most widely-used meme cryptocurrency, Shiba Inu (SHIB), experienced a significant boost, climbing approximately 30% and reaching a peak of $0.00002404, which is its recent highest price.

After experiencing a significant drop of over 17% on Friday, Shiba Inu (SHIB) subsequently experienced a recovery. The downward trend of SHIB has been similar to the recent fluctuations in Bitcoin‘s price. This steep fall on Friday marked the completion of a total decline of 37.6% for SHIB since December 12th.

While that dip happened during the week, some whales began unloading their SHIB batches they had been holding since 2020. An early whale had transferred two staggering lumps of Shiba Inu — 400 billion and 250 billion meme coins — to crypto exchanges. This whale had been holding trillions of SHIB for more than four years after buying 12 trillion coins in 2020.

Approximately 400 billion Shiba Inu coins were moved to the U.S. Gemini exchange. While the recipient of a 250 billion coin transfer remains undisclosed, it’s been reported as another instance of selling off these coins.

The whale still holds a total of 2 trillion SHIB meme coins.

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2024-12-21 23:08