SHIB Burns Skyrocket 1,253% After Three-Day Pause

Shibburn data tracking platform, which monitors burn transactions in the Shiba Inu ecosystem, has published fresh figures that show that the SHIB community has resumed burning its meme coins.

Burns have resumed after a pause that lasted several days, while the SHIB price began to break out.

Massive SHIB burn surge detected

According to the Shibburn tracker, over the last 24 hours, the SHIB community has burnt several tens of millions of meme coins – 28,648,321 SHIB in total. This allowed them to push the overall daily burn rate metric up by 1,253.14%.

There have been 13 burn transactions so far. The largest one carried 24,781,360 SHIB coins to an unspendable blockchain wallet. This transfer was made 14 hours ago by an anonymous whale.

The second largest burn transfers by size moved 1,330,000 and 1,377,000 SHIB to dead-end addresses 22 hours ago.

Data shared by Shibburn shows that, on Thursday, there was only one burn transaction of 70,000 SHIB. Prior to that, the platform did not register any. Neither did Etherscan. Thus, Shiba Inu burns have resumed after a multi-day pause.

Shiba Inu’s market performance

Over the past 24 hours, the second biggest meme cryptocurrency in terms of market capitalization value, Shiba Inu, has demonstrated a rise by almost 3%, increasing from $0.00001402 to the $0.00001442 level. A slight decline that followed has pushed SHIB slightly down, where it is trading at $0.00001435.

Overall, the prominent meme-inspired cryptocurrency has staged a substantial rise this week, going up by almost 10% since Monday.

This rise happened at a time when the layer-2 solution for the SHIB ecosystem, Shibarium, celebrated its one-year anniversary. Shibarium was launched in the middle of August last year during the annual ETHToronto event in front of a large audience that gathered there. The mysterious leader of the Shiba Inu team known as Shytoshi Kusama made a public speech for the first time then. However, it was done using software without him making an appearance in public or revealing his identity.

Since then, more than 418 million transactions have been processed on Shibarium, and more than 1.8 million wallets have been connected to this blockchain. In a recent celebratory X post, the SHIB leader sent congratulations to the team and the community on this important milestone.

#shibarium https://t.co/jNaGiPfWuB pic.twitter.com/1HfcygKNa9

— Shytoshi Kusama™ (@ShytoshiKusama) August 22, 2024

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