20,035,968 SHIBs burned in 24 hours – what happened?

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Data shared by the Shibburn tracking platform on SHIB’s recent movements shows that a large number of meme coins have disappeared from the market forever in the past 24 hours. This is a large amount of SHIB because it is being thought about by the public, and the stock market has surged overnight. Meanwhile, SHIB’s price fluctuations have been affected by the recent surge of Bitcoin to an all-time high of $106,488, which has fallen by nearly 4% in the past day. SHIB Burn Rate Jumps 1,987% Data sources created mainly by the SHIB community show that the second-largest canine-themed token by market value has seen a staggering increase in burns in the past 24 hours, with a monster percentage of nearly two thousand - 1,987%.

The surge is due to 20,035,968 SHIB disappearing from the circulating supply, thanks to the concerted efforts of the SHIB army. The largest transaction here transferred more than half of the amount to a dead-end wallet: 11,196,225 SHIB. The second-largest transfer was the destruction of 8,804,670 Shiba Inu.

As for weekly destruction, the indicator now shows a sharp decline, at negative 92.69%. However, the number of SHIB coins destroyed is significantly higher than the number destroyed in the past day; 175,061,914 SHIB coins were destroyed in the past week, while 20,035,968 SHIB coins were destroyed in the past day. The difference is nine times. In total, 410,742,797,923,452 SHIB coins out of the initial quadrillion supply have been locked out of circulation (i.e., "burned") so far, thanks to the efforts of the SHIB community and the efforts of Ethereum co-founder Vitalik Buterin.

SHIB Burn Dilemma There are currently a total of 584,022,313,308,516 Shiba Inu coins still in circulation, and many members of the SHIB community have been urging the SHIB development team to speed up the destruction because the more the token supply shrinks, the scarcer the token becomes. Therefore, the possibility of SHIB coin price soaring and reaching the long-awaited $1/SHIB coin is greater. However, the SHIB team (including the mysterious lead developer Shytoshi Kusama) has responded many times that the speed of destruction depends not only on the team's efforts, but also on the level of activity on Shibarium. The higher the utility, the more gas fees are paid in BONE, and the more SHIB is burned from these fees.