53,791,007 SHIB and 2,416.44% Surge in Just Hours – What’s Happening?

Massive SHIB Burn Triggers Four-Digit Increase in Burn Rate

Recent data from the Shibburn tracking service shows a significant amount of SHIB meme coins have been removed from circulation in the past 24 hours. This large-scale burn event has caused the SHIB burn rate to skyrocket by an impressive four-digit percentage.

The latest update reveals the SHIB burn rate surged by 2,416.44% in just one day. A total of 53,913,481 SHIB tokens have been permanently taken out of the market supply. The three largest transactions sent to dead wallets contained 14,178,952, 23,068,929, and 11,264,137 SHIB respectively.

This follows an even more dramatic weekend spike where the burn rate increased by 22,662.92%, though the total amount burned on Saturday was slightly lower at 37,959,900 SHIB.

SHIB Price Surges Following Bitcoin's Lead

The SHIB price has jumped 4.8%, climbing from $0.00001408 to $0.00001476. This upward movement mirrors Bitcoin's recent price action, as the leading cryptocurrency serves as the market bellwether.

Bitcoin itself gained 2.43% over the past day, breaking through the $107,500 level to reach $110,064. This rally was partially fueled by news that the US government postponed implementing 50% trade tariffs on European goods, pushing the deadline from June 1 to July 9.

The decision came after European Commission President Ursula von der Leyen's request during a phone conversation with US President Trump, as reported on his Truth Social platform.