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Data reported by the popular Shibburn wallet tracker has revealed an increase in the daily SHIB burn rate. However, it may seem rather disappointing: over the past 24 hours, this metric has gone up only by 38%. This was not enough to make any significant dent on the total SHIB supply circulating the market at the moment.
But the amount of meme coins transferred to unspendable blockchain wallets constitutes several million SHIB.
3,564,772 SHIB burned today
The Shibburn website shows that since yesterday morning, there have been four burn transactions. The largest of them carried 1,553,766 SHIB and 1,422,952 SHIB meme coins to dead-end wallets. This constitutes a nearly 2x surge from yesterday’s burns, when only slightly more than two million SHIB were locked out of the total circulating supply.
By now, a total of 410,754,336,997,578 SHIB have been removed from circulation, mostly thanks to mysterious SHIB founder Ryoshi and Ethereum leader Vitalik Buterin. The former sent Buterin half of the initial quadrillion SHIB supply in May 2021, and Buterin sent nearly all of it to an unspendable wallet as he did not believe in SHIB’s potential and, therefore, did not want to hold that massive amount of SHIB to avoid accusations of price manipulation.
SHIB market performance
Over the past day, the major meme cryptocurrency, SHIB, has staged a decline of 4.57%, falling to the $0.00000579 level per coin. Since its 13% recovery last Friday, Shiba Inu has been trading sideways, holding in the range of $0.000006 and gradually going down. Since Friday, it has faced a total fall of roughly 9.48%.
SHIB has been moving in line with current trends on the cryptocurrency market, following the leader, Bitcoin. On Jan. 28, it lost the $90,000 psychological level and has been going down since then. An overall decline since that day and Friday last week comprises 30.37%. Largely, SHIB has been following Bitcoin’s price curve over the past week; both assets have been mostly going down and trading sideways.
Bitcoin collapsed in light of poor reports demonstrated by tech giants (the Magnificent 7) — which turned on a high level of AI fear among investors — the 30% crash of silver and gold in a single day and also the announcement of Donald Trump’s future Fed Reserve chair candidate, the hawkish Kevin Warsh.
Dan Burgin
U.Today Editorial Team
