Tracking platform Shibburn, popular within the SHIB community, has reported a massive increase in the SHIB burn rate, observed over the period of the last 24 hours. This metric now shows a five-digit reading, with over ten million meme coins destroyed during that period.
Tracking platform Shibburn, popular within the SHIB community, has reported a massive increase in the SHIB burn rate, observed over the period of the last 24 hours. This metric now shows a five-digit reading, with over ten million meme coins destroyed during that period.
This huge increase in burn rate came despite a drastic 15% drop in SHIB price since yesterday morning.
SHIB burns soar
The data source mentioned above has shared that the SHIB community has transferred a staggering amount of SHIB coins to non-fungible blockchain wallets: 12,047,795 SHIB in total. This helped give a massive increase to SHIB’s burn metric: 12,842.37%, as shared in the recent report.
So far, there have been seven burns in the last 24 hours, the first 24 hours ago and the last three hours ago. The three largest transfers, which destroyed almost all of the 12.8 million SHIB, took 5,072,279, 5,078,720 and 1,000,000 SHIB into “hell” wallets. The first two transactions were made from the same unidentified wallet.
On Monday, this metric showed a drop of more than 62%, with less than 100,000 SHIB burned in total.
Bearish SHIB Market Performance
In the last 24 hours, the second largest meme cryptocurrency in terms of market value, Shiba Inu, has seen a staggering 15.77% drop, falling sharply from $0.00002096 to the $0.00001765 price level.
Most of this drop was seen in the form of a huge red candle on an hourly chart, which pushed SHIB down 7.77%. After that, a small bounce followed and SHIB managed to add 3% and recover the price of $0.00001825.
Yuri MolchanSHIB expert shares Shytoshi Kusama’s message
As reported by Guru-Investingon Monday, a representative of the SHIB team, Lucie, shared a message from the enigmatic team leader, Shytoshi Kusama, while speaking positively about the SHIB team building the future, together with the users and those who are building on Shibarium.
He quoted Kusama, who stated that after the moat was built to protect the castle, they are now building the castle itself. Lucie also revealed that the SHIB team is considering collaborations with several major players in the cryptocurrency space.
“There is much more to come,” Lucie hinted.
