Data shared by the Shibburn tracker in a recently published tweet reveals that over the last day, the SHIB burn metric has skyrocketed to a high that has not been seen for a long while.
The good news is that not only have the daily burns seen a massive increase but so has the weekly burn rate, thanks to the recent efforts of the SHIB community.
SHIB burns soar 144,045%
The data source mentioned above has revealed that over the last 24 hours, the burn rate faced a mammoth increase of more than 144,045%, with a huge 2,041,299,351 SHIB meme coins transferred to unspendable blockchain wallets.
This massive burn rate was largely due to the 2,020,624,700 SHIB transferred out of the circulating supply yesterday. Two large transactions, but still much smaller than 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 past seven days was twice that destroyed in the past 24 hours. The total comprises a stunning 4,251,012,135 SHIB, with the burn rate jumping by 1,990.39%.
HOURLY SHIB UPDATE$SHIB Price: $0.00003018 (1hr 5.25% ▲ | 24hr 2.23% ▲ )Market Cap: $17,794,532,733 (2.18% ▲)Total Supply: 589,257,728,664,526TOKENS BURNTPast 24Hrs: 2,041,299,351 (144045.1% ▲)Past 7 Days: 4,251,012,135 (1990.39% ▲)
— Shibburn (@shibburn) December 4, 2024
The SHIB army reacted with a wave of enthusiastic comments under that tweet, sharing bullish statements regarding the ultra-high Shiba Inu burns.
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New SHIB burn 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 hardforks integrated earlier this year.
The new upgrade is compatible with Ethereum’s Dencun fork, focusing on better performance, higher security and blockchain management on Shibarium. The announcement also said that the upgrade includes a new SHIB burn contract. No details were shared about the burn update, except that it will greatly reduce the circulating supply and provide “additional value for holders.”
Over the past 24 hours, the second largest meme cryptocurrency in terms of market capitalization, Shiba Inu, has demonstrated a price surge of slightly more than 10%; SHIB surged from $0.00002757 to the $0.00003060 price level.
Mysterious SHIB founder Shytoshi Kusama recently stated that he is working hard to take Shiba Inu to the top five level without a big budget. That tweet came right before XRP jumped to third place from seventh place.
