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Shibburn tracking platform spread the word about a substantial increase in the pace at which SHIB meme coins are being driven out of the circulating supply. Several million SHIB have been transferred to dead-end wallets.
The weekly burns are currently in the red, even though 10 times the amount of SHIB has been burned over the past seven days.
Meanwhile, the SHIB price has been moving sideways, regardless of the SHIB army succeeding in the token burn field this time.
Burn rate soars 936%
Data revealed by the Shibburn platform shows that over the last 24 hours, a total of 6,690,287 SHIB meme coins has been transitioned to unspendable blockchain wallets, triggering a massive 936.52% surge in the daily burn rate.
The two largest transactions carried 3,507,923 and 2,300,437 SHIB out of circulation.
Data regarding the number of SHIB burned in the last week shows a burn rate plunge of almost 60%, while 62,381,241 SHIB coins were driven out of circulation and locked in unspendable wallets.
Related
SHIB market performance
Last Friday, the world’s second largest meme cryptocurrency by market capitalization size, SHIB, stunned the market with a rapid increase of approximately 30% as it jumped from $0.00001859 to $0.00002406.
Since then, however, the popular meme coin has been facing a decline, which by now totals 9.61%, as SHIB is changing hands at $0.00002168. This week, SHIB has been trading sideways, striving to break above the $0.00002200 resistance level.
