SHIB Burn Rate Skyrockets 416% With Half Billion SHIB Torched

Shiburn, a popular data tracker in the Shiba Inu community, has reported a large increase in weekly SHIB burns, with half a billion meme coins being transferred to unspendable wallets. Meanwhile, the price of SHIB, the second most popular meme-themed cryptocurrency, has seen an impressive surge in the past few days.

A single burn that day froze 459,294,504 SHIB in circulation. This was the largest burn event in the past week. These burns were either carried out by the SHIB team from the BONE gas repository located on Shibarium, or by Shiba Inu competitors who had released their own meme coins and attempted to gain community attention through these actions. This was followed by three more large burns by the same unknown whale: 14,624,004; 12,840,092 and 13,670,155 SHIB. 

However, according to comments on the X platform, many in the SHIB army believe that the current burns are too small, and that it will take decades for the SHIB price to reach $0.01 unless billions of SHIBs are removed from circulation. The SHIB community and team still have 584,348,475,090,192 SHIB remaining, which is the equivalent of the coins left in circulation at the moment.