SHIB Burns Skyrocket 11,899% As Crypto Market Gains Large Momentum

Shiba Inu's Burn Rate Surges by Over 11,000% as Bitcoin Reaches New All-Time High

The Shibburn tracker has reported a dramatic spike in SHIB token burns, with tens of millions of meme coins permanently removed from circulation in the past 24 hours. This surge in burn activity aligns with renewed bullish momentum across cryptocurrency markets following Bitcoin's record-breaking performance.

Unprecedented Burn Rate Spike

Data reveals an astonishing 11,899% increase in SHIB burn rate over the past day, totaling 28,682,712 SHIB tokens destroyed. The burns occurred through three major transactions executed by anonymous whales, sending substantial amounts to unspendable blockchain wallets:

• 15,106,880 SHIB
• 6,466,388 SHIB
• 7,109,444 SHIB

Weekly Burn Totals Impress

According to the official Shibarium Updates Twitter account, the SHIB team has eliminated an impressive 1,095,269,361 SHIB tokens from circulation over the past week through their dedicated burn portal. Recent burns tracked by ShibTorch include:

• 14,993,658.85 SHIB on May 19
• 15,106,880.28 SHIB on May 21

The team is currently accumulating an additional 2,491,920.75 SHIB and 115.52 BONE tokens for imminent burning.

Bitcoin's Record Performance Fuels Market Optimism

This burn activity coincides with Bitcoin's historic achievement of a new all-time high at $111,861 on May 21. The milestone was driven by:

• $329 million in spot Bitcoin ETF inflows
• The U.S. Senate's approval of the stablecoin bill

As of reporting, Bitcoin maintains strong momentum at $110,484, creating a favorable environment for SHIB's deflationary measures.