SHIB cash burn surges 630% — what happened?

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Recently, data shared by the Shibburn wallet tracker showed that SHIB’s consumption rate has increased significantly in the past 24 hours, with millions of meme coins being removed from the circulating supply. According to statistics from this tracker, SHIB burning activity has also increased significantly over the past week.

In the past seven days, the SHIB community has successfully destroyed more than 100 million SHIB, and the burn rate has increased by 650%. Despite this, the actual number of SHIBs destroyed was not huge, at approximately 8,178,754. Although the volume is relatively small, the sharp increase in the destruction rate still sends a positive signal of market sentiment.

Growth in weekly burn volume

Regarding the weekly destruction, the amount of SHIB destroyed increased significantly, reaching 126,819,168 pieces. This is an increase of 34.64% compared to the previous week, indicating rising community engagement and enthusiasm in pushing for SHIB destruction. According to Shibburn’s tweet, this trend shows the community’s confidence in SHIB’s long-term value.

Cumulative total amount destroyed

According to data from the Shibburn website, in the past few years, the total amount of SHIB destroyed by the community has reached 410,742,833,467,944. This huge amount of destruction shows that the destruction of SHIB is continuing to advance and has a significant impact on its supply.

SHIB burning activity is accelerating, which will not only reduce the circulating supply in the market, but may also provide support for the price of the token.