While cryptocurrency market leader Bitcoin recently set another all-time high, the Shiba Inu price has also struggled to reach a new all-time high. Meanwhile, the SHIB community continues to burn SHIB meme coins in an attempt to make them scarcer.
While cryptocurrency market leader Bitcoin recently set another all-time high, the Shiba Inu price has also struggled to reach a new all-time high. Meanwhile, the SHIB community continues to burn SHIB meme coins in an attempt to make them scarcer.
Millions of Shiba Inu have been burned recently, according to data shared by tracker Shibburn.
Shiba Inu’s Burn Rate Soars 430%
The data source mentioned above has revealed a high percentage growth in the SHIB destruction rate that SHIB burners have achieved in the last 24 hours. In total, 15,155,141 meme coins were transferred to “hell” wallets in nine transactions, and the burn rate skyrocketed by 429.78%.
The largest SHIB transfer to an unusable blockchain wallet carried 10,196,078 SHIB, while the two smaller ones moved 1,882,892 and 1,580,028 SHIB to dead-end addresses.
While the percentage growth seems great, the number of meme coins burned this time is much lower than during the other daily burns that took place this week.
On March 12, Shibburn shared that the meme coin army managed to dump a whopping 386,077,185 SHIB, even though the SHIB burn rate only increased by 29.22%. However, the largest SHIB burn that took place recently was on March 9, when SHIB’s own team stepped in to carry it out.
Team SHIB’s massive SHIB burning
That day, the team that maintains the second largest meme cryptocurrency surprised its community by sending a gigantic amount of 13,610,153,841 SHIB to a burned address. They didn’t just burn SHIB coins that day; certain amounts of BONE and LEASH (core tokens of the Shibarium ecosystem) were also transferred to non-fungible wallets and locked there forever.
These burns by the team were made possible by the Shibarium layer 2 solution and gas fees collected by the developers.
SHIB Price Performance
On March 13, Shiba Inu posted an impressive 11.17% rise, but it was partially erased by a drop that followed.
Still, even with that drop, the overall SHIB price increase in the last 24 hours has been 7.80%, and the coin is exchanging hands at $0.00003382 at the time of writing this article.
