According to the Shibburn wallet tracker, the Shiba Inu community continues to reach new milestones as it keeps gradually reducing the circulating supply of popular meme coin Shiba Inu.

In the meantime, the market performance of the second largest meme-inspired cryptocurrency has improved as its price attempted a breakout in the past day.

SHIB burn rate soars high

The above-mentioned data source reported that over the last 24 hours, the Shiba Inu burn rate has seen a major increase of more than 772%, while the Shiba Inu community has managed to dispose of 15,089,691 SHIB in three burn transactions.

The majority of this amount of crypto was transferred to an unspendable blockchain address in a single go; that transaction carried 14,980,422 SHIB. The other two burn transfers moved approximately 50,000 SHIB each to dead-end wallets.

Image via Shibburn

Over the weekend the SHIB burn rate managed to jump much higher, and high growth was noticed both on Saturday and Sunday – 2,834% and 5,975%, respectively. On Saturday, a record amount of meme coins was destroyed in virtual flames – 232,222,042 SHIB.

Currently, 583,494,740,394,717 Shiba Inu coins remain in circulation on the market, with 410,728,825,806,575 SHIB already locked in dead-end wallets.

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Bullish Shibarium statement from SHIB executive

The official Shiba Inu marketing lead known under the pseudonym Lucie published a post as a response to those who do not believe in the bright future of Shibarium – the layer-2 blockchain built on top of Ethereum for the Shiba Inu ecosystem.

She reminded those critics and skeptics that the ShibaSwap DEX once reached a whopping $1 billion in funds staked on it. All of these funds came from Shiba Inu, which back then was merely a meme coin.

When people say Shibarium won’t make it, just remind them Shibaswap once had $1 billion staked—all from a “meme” token.Once Shibarium hits that sweet spot of demand, market conditions, and global adoption, the FUDders will be standing there like, “Wait, what just happened?” pic.twitter.com/EQwTwUbpos

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 22, 2024

Lucie said that as soon as Shibarium demand sees a sufficient increase and meets the necessary market conditions and global adoption, “the FUDders will be standing there like, ‘Wait, what just happened?’”

SHIB price surge

Over the last 24 hours, Shiba Inu meme coin has demonstrated a substantial 2.92% increase, rising from $0.00001434 to the $0.00001475 price level, where it is changing hands at the time of this writing.

Overall, since Wednesday, Sept. 18, when the Fed announced the 50-basis-point rate cut, SHIB has seen a massive rise of 13.35%.