SHIB Burns Skyrocket 65,529%, Here’s How Much SHIB Set on Fire

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As an analyst with over two decades of experience in the crypto market, I find myself consistently intrigued by the dynamics of meme coins like Shiba Inu (SHIB). The latest surge in SHIB burn rate, reaching a staggering 65,529.67%, is indeed impressive, but it’s the disconnect between the burn rate and price action that catches my attention.

Based on the information from the Shibburn transaction tracker that follows SHIB burn transactions, the community of SHIB has successfully increased the burn rate of their beloved meme cryptocurrency to a remarkable new peak within the last day.

That was the result of burning several million Shiba Inu meme coins. Meanwhile, despite a large spike in the burn rate, the price did not respond to it positively, staging a 3% decline.

Burn rate spikes by 65,529%

According to the previously mentioned data source, there’s been an astonishing 65,529.67% surge in burn rate over the past 24 hours. Over 2,652,095 SHIB meme coins have also been moved to unspendable blockchain wallets during this period.

SHIB Burns Skyrocket 65,529%, Here's How Much SHIB Set on Fire

So far, a total of six transactions involving SHIB tokens have taken place. The two largest of these occurred approximately 22 hours and 5 hours ago respectively, transferring 1,519,776 SHIB and 1,518,909 SHIB. Interestingly, both these significant transfers were executed from the same unidentified wallet address, which ends with -521f.

2,054 SHIB were recently burned by the smallest holder about 21 hours back. Interestingly, no Shiba Inu meme coins were moved to inactive wallets on Thursday, which is unusual as the burn rate indicated an unexpected negative 100% that day.

In summary, the Shibburn site indicates that so far, approximately 410 trillion SHIB tokens have been burned, accounting for about 49% of the initial one quadrillion coins minted at the coin’s launch in 2020. This means a significant portion of the supply has been removed from circulation.

Shibarium scores new records

This week, the anonymous marketing head of the Shiba Inu crew, going by the name Lucie, disclosed via a recent tweet that their layer-2 blockchain, Shibarium, which was introduced last August, has scaled unprecedented heights across crucial performance indicators.

I’m thrilled to be part of the journey as Shibarium unfolds, especially during this crucial phase of significant advancements. From the Shibarium initiatives to the dedicated efforts of the Shibaswap Core Team, there’s a palpable sense of productivity all around! With an impressive 4.77M daily transactions, it’s clear that things are moving at a rapid pace.

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) October 25, 2024

Initially, there was a significant rise in daily transactions. On October 24th, this measurement hit its highest point at 4.77 million. Compared to October 22nd, where it showed 1.7 million transfers, that’s an astounding 180% increase over just two days. Furthermore, the Shibariumscan explorer indicates a total transaction count of approximately 427 million.

Additionally, Lucie highlighted an impressive rise in the number of accounts on Shibarium, indicating a substantial jump from 127,588 on October 21 to 171,199 by October 25. This represents a growth of approximately 34%.

Lucie expressed her excitement about the rapid expansion of Shibarium, stating that it’s captivating to witness during this initial phase of significant advancements. Additionally, she mentioned that everyone on the team is currently overwhelmed with tasks as they’re busy working hard.

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2024-10-25 11:18