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Data shared by tracker Shibburn in a recently published tweet reveals that over the past day, SHIB has been burning the metric has soared at a level not seen in a long time.
The good news is that not only have daily burns seen a massive increase, but so has the weekly burn rate, thanks to recent efforts from the SHIB community.
SHIB burns skyrocket 144,045%
The data source mentioned above revealed that in the last 24 hours, the burn rate saw a gigantic increase of over 144,045%, with a whopping 2,041,299,351 SHIB meme coins transferred to blockchain wallets unusable.
This massive burn rate was largely due to the 2,020,624,700 SHIBs transferred from the circulating supply yesterday. Two large transactions, but still well below 2.02 billion, were made to dead end wallets: 18,998,748 and 2,520,176 SHIB.
According to the tweet, the amount of SHIB burned in the last seven days was double that destroyed in the last 24 hours. The total includes an astonishing 4,251,012,135 SHIBs, with a burn rate up 1,990.39%.
The SHIB Army responded with a flurry of enthusiastic comments under this tweet, sharing optimistic statements regarding the Shiba Inu’s ultra-high burns.
Related
New SHIB Burning Contract Launched with Upgrade
As reported by U.Today earlier, on Tuesday, the SHIB development team rolled out a major upgrade for the Heimdall and Bor rigid forks integrated earlier this year.
The new upgrade is compatible with the Dencun fork of Ethereum, focusing on better performance, increased security, and blockchain management on Shibarium. The announcement also states that the upgrade includes a new SHIB burning contract. No details have been shared about the engraving update except that it will significantly reduce the circulating supply and provide “additional value to holders.”
Over the past 24 hours, the second largest meme cryptocurrency by market capitalization, Shiba Inu, posted a price increase of just over 10%; SHIB rose from $0.00002757 to the $0.00003060 price level.
The mysterious founder of SHIB, Shytoshi Kusama, recently said that he was working hard to bring Shiba Inu to the top five without a big budget. This tweet came just before XRP fell from seventh place to third place.