SHIB Burns Soar 630% - What's Happening?

Data shared by the prominent Shibburn wallet tracker reveals a massive jump in the SHIB burn rate over the last 24 hours. Millions of meme coins have been removed from the circulating supply.

As for the weekly burns, over the last seven days, the community has managed to burn more than a hundred million coins.

Burn rate jumps by 650%

The aforementioned data source spread the word about a massive burn rate surge over the last 24 hours. This key metric spiked by more than 630% overnight. However, the actual amount of burned meme coins was not that big and comprised 8,178,754 SHIB.

Regarding the weekly burns, a much bigger amount of SHIB has been destroyed — 126,819,168 coins. The growth compared to the week before here constitutes 34.64%, per Shibburn’s tweet. The total amount of meme coins that has been burned over the past few years now constitutes 410,742,833,467,944 SHIB, according to the Shibburn website.

Shiba Inu price action

During the last day, the second most popular meme cryptocurrency SHIB has recovered by almost 30%, soaring from $0.00001860 to the $0.00002404 local high.

That rebound took place after SHIB plunged by more than 17% on Friday. SHIB’s trajectory mirrored the recent Bitcoin price curve. That 17% plummet took place, completing Shiba Inu’s 37.6% decline since Dec. 12.

While that dip happened during the week, some whales began unloading their SHIB batches they had been holding since 2020. An early whale had transferred two staggering lumps of Shiba Inu — 400 billion and 250 billion meme coins — to crypto exchanges. This whale had been holding trillions of SHIB for more than four years after buying 12 trillion coins in 2020.

A total of 400 billion SHIB was transferred to the U.S.-based Gemini exchange. The destination of the 250 billion transfer was not disclosed, however, the source stated that this was also a sell-off.

The whale still holds a total of 2 trillion SHIB meme coins.