SHIB Burns Jump 430% as Price on Verge of Breakout
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
While the cryptocurrency market leader Bitcoin established another all-time high recently, the Shiba Inu price has also been striving to reach a new historic peak. In the meantime, the SHIB community continues to burn SHIB meme coins in an attempt to make them more scarce.
Millions of Shiba Inu have been burned recently, according to data shared by the Shibburn tracker.
Shiba Inu burn rate soars by 430%
The above-mentioned data source has revealed a high percentage growth in the SHIB destruction rate that has been achieved by SHIB burners within the last 24 hours. In total, 15,155,141 meme coins have been transferred to “inferno” wallets in nine transactions, with the burn rate soaring by 429.78%.
The largest SHIB transfer to an unspendable 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 looks great, the amount of meme coins incinerated this time is much smaller than during the other daily burns that took place this week.
On March 12, Shibburn shared that the meme coin army managed to dispose of a whopping 386,077,185 SHIB, even though the SHIB burn rate only went up by 29.22%. The biggest SHIB burn that has taken place recently, however, was March 9, as the SHIB team itself stepped in to perform it.
SHIB team’s massive SHIB burn
On that day, the team that maintains the second-largest meme cryptocurrency amazed its community as it sent a mammoth 13,610,153,841 SHIB to a burn address. They did not only burn SHIB coins on that day; certain amounts of BONE and LEASH (fundamental tokens of the Shibarium ecosystem) were also transferred to unspendable wallets and locked there for good.
These burns made by the team were possible thanks to the layer-2 solution Shibarium and the gas fees collected by the developers on it.
SHIB price performance
On March 13, Shiba Inu staged an impressive 11.17% rise, but it was partly erased by a drop that followed.
Still, even with that decline, the overall price surge of SHIB within the last 24 hours has comprised 7.80%, and the coin is exchanging hands at $0.00003382 at the time of this writing.
