According to recent data shared by the Shibburn team, within the past 24 hours, the SHIB army has transferred a massive amount of meme coins to “inferno” wallets, burning those SHIB without a chance of recovery.

In the meantime, the SHIB price has managed to recover after yesterday’s plunge, and the mysterious SHIB lead, Shytoshi Kusama, has published a festive tweet.

SHIB burns jump to flabbergasting high

The above-mentioned data source has reported that since yesterday morning, the loyal SHIB community, which includes both enthusiastic individuals and legal entities, has transferred 87,760,994 SHIB to unspendable blockchain wallets.

These burns have propelled the overall SHIB burn rate to a smashing 48,554.74% increase. There have been only two burn transactions so far, and both are impressive as they carried 61,908,927 SHIB and then 25,852,066 SHIB meme coins to dead-end addresses. Both transfers took place 17 and 18 hours ago.

Image via Shibburn

Earlier this week, the SHIB community also succeeded in raising the burn rate to a significant high. On April 9, the burn rate soared by 1,344%. Back then, however, a lot more meme coins were permanently erased from the circulating supply – 135,451,536 SHIB.

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Shytoshi Kusama "working like a dog"

The pseudonymous lead developer of Shiba Inu known as Shytoshi Kusama has taken to the X social media network to address the SHIB community after a long silence.

Kusama mentioned that he has been “pretty quietly working like a dog” and has almost forgotten to send season’s greetings to the vast SHIB community scattered around the globe. He wished everyone a Happy Easter in its multiple variations depending on the religion of those celebrating it – Passover, Eid, Gudi Padwa/Ugadi. 

Woof! Come say hi in Dubai. While I'm at it, since I've been pretty quiet working like a dog, HAPPY HOLIDAYS (EASTER, PASSOVER, EID, & GUDI PADWA/UGADI)! https://t.co/IkngRphWxW

— Shytoshi Kusama™ (@ShytoshiKusama) April 10, 2024

Besides, Kusama has invited SHIB users and builders on Shibarium to go to Dubai to attend the Blockchain Life Forum on April 16 and say "hi" to the SHIB reps there.

Shiba Inu price action

This week, the second largest meme cryptocurrency, SHIB, has been striving to break above the $0.00002950 level but only managed to touch it twice without closing at it. Between Tuesday and Wednesday, the asset plunged by a massive 10.5%.

However, over the past 24 hours, SHIB has managed to recover half of that loss, rising by 5.85% and trading at $0.00002801 at the time of this writing.