20,035,968 SHIB have been burned in the last 24 hours – What happened?

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Data shared by the Shibburn tracking platform regarding SHIB's recent trends shows that a large number of meme coins have permanently disappeared from the market in the past 24 hours.

This is due to a significant amount of SHIB being burned, and the burn rate skyrocketed overnight. Meanwhile, the price of SHIB has not been affected by Bitcoin's recent surge to an all-time high of $106,488, having dropped nearly 4% in the past day.

SHIB burn rate surged 1,987%

The data source created by the SHIB community shows that in the past 24 hours, the burn rate of the second-largest dog-themed token by market capitalization has seen an astonishing increase, nearly reaching two thousand percent – 1,987%.

This spike is due to 20,035,968 SHIB disappearing from the circulating supply, thanks to the collective effort of the SHIB army. The largest transaction transferred over half of the amount to a dead wallet: 11,196,225 SHIB. The second-largest transfer was the burning of 8,804,670 Shiba Inu.

As for the weekly burn volume, this metric now shows a significant decline, at negative 92.69%. However, the number of SHIB coins burned clearly exceeds the amount burned in the past day; the number of SHIB coins burned in the past week was 175,061,914, while the number burned in the past day was 20,035,968. The two figures differ by nine times.

Overall, so far, due to the efforts of the SHIB community and Ethereum co-founder Vitalik Buterin, 410,742,797,923,452 SHIB out of the initial trillion supply has been locked out of circulation (i.e., 'burned').

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