22,662% SHIB Burn Spike Sends 37,959,900 Shiba Inu Up in Smoke

Shiba Inu Community Drives Impressive Burn Rate, SHIB Price Seeks Recovery

The Shiba Inu (SHIB) community continues to make substantial efforts to reduce the circulating supply of the meme cryptocurrency. According to the Shibburn tracking platform, the daily SHIB burn rate has seen a significant increase, reaching a five-digit boost.

Despite the community's efforts, Shiba Inu, the second most popular meme cryptocurrency, has faced a 10% price drop overnight. The token is now striving to recover from this dip.

The on-chain data reveals that over the past day, the SHIB community has managed to dispose of several tens of millions of SHIB tokens, effectively removing them from circulation. In total, 37,959,900 SHIB were transferred to unspendable blockchain wallets and locked away.

The two largest transactions during this period were 23,571,440 SHIB and 14,388,459 SHIB, respectively. The overall number of SHIB tokens burned now stands at 410,748,614,634,288, with 584,483,801,633,097 SHIB still circulating in the market.

As previously reported, the SHIB community has successfully burned over 1.1 billion SHIB meme coins through the automatic burn portal on Shibarium over the past week.

On Friday, SHIB's price experienced a significant decline, dropping nearly 10% from $0.00001586 to $0.00001438. Although the token has managed to recover 1.82% since then, it has been pushed back down again. At the time of writing, SHIB is trading at $0.00001438.

The price collapse of Shiba Inu closely followed the trajectory of Bitcoin, the world's largest cryptocurrency, which lost 3.63% on Friday as selling pressure increased after the asset reached a new all-time high near the $112,000 level earlier this week.