SHIB Burns Jumped Whopping 35,614% on Sunday – What Happened?

The Shibburn explorer shows that on Sunday, the burn rate of Shiba Inu meme coins reached staggering growth, rising by a whopping 35,614%.

By now, this massive increase has gone, and the burn rate reading reached into the red zone.

SHIB burn rate explodes for a day, but there’s a catch

On Sunday, according to the data provided by Shibburn, the SHIB community pushed the burn rate to an astonishing height of 35,614.08%, compared to the previous day. However, this mind-blowing growth was caused by the burn of only 36,554,431 Shiba Inu meme coins.

HOURLY SHIB UPDATE$SHIB Price: $0.00000889 (1hr -0.78% ▼ | 24hr -4.70% ▼ )
Market Cap: $5,246,525,442 (-4.40% ▼)
Total Supply: 589,337,520,862,804

TOKENS BURNT
Past hour: 1,124,227 (1 transaction)
Past 24Hrs: 36,554,431 (35614.08% ▲)
Past 7 Days: 389,474,559 (53.12% ▲)

— Shibburn (@shibburn) November 12, 2023

Readings produced by this metric can often br very relative and show a large number, while a small number of Shiba Inu actually get burned, i.e., sent to dead-end wallets.

At the time of this writing, the burn rate has dropped to the -61.15% level, with a total of 11,668,891 SHIB coins destroyed. Out of the 23 transactions made to unspendable wallets, not a single one carried even 10,000,000 SHIB.

The transactions were made every hours, and sometimes several SHIB lumps were burned within an hour, but the largest transfers to dead blockchain addresses carried 2,123,456 SHIB; 1,124,227 SHIB and 1,168,760 Shiba Inu. The smallest one carried just 13,719 SHIB.

Over the past week, according a tweet published by Shibburn on Sunday, the SHIB army managed to sent a whole 373,715,046 SHIB in 58 transfers. A couple of times, massive burn rate jumps were observed last week, when the SHIB burn rate jumped above 1,200%, with more than a hundred million SHIB meme coins going into “inferno” wallets.

SHIB team offers big giveaway

The official SHIB social media marketing expert Lucie has tweeted that following the recent giveaway of 1,000 NFTs depicting covers of Shib Magazine that was launched recently, the team of the meme coin decided to run a bigger giveaway for the SHIB army and readers.

Those 1,000 NFTs of the Shib Magazine first issue’s cover were given away to the first 1,000 users who registered on their website as readers.

This time, the SHIB team is offering 3,000 NFTs. What is more, Lucie suggested that the SHIB army guess which celebrity will be featured on the cover of the coming second issue of the Shib Magazine. She hinted that it will be “a renowned athlete.”

📣 Can you guess who will grace the cover of our second edition? (HINT: They’re a renowned athlete!)

— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) November 12, 2023

Overall, the magazine plans to publish regular news about recent updates, revolutionary ideas and new inventions in the crypto space and in the SHIB ecosystem in particular.

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