SHIB Burns Skyrocket 5,154%, Here's What's Happening

Data shared by the blockchain tracker Shibburn has revealed that, in the last day, the SHIB army has managed to shovel another big meme coin lump into “inferno” wallets, removing tens of millions of SHIB.

This high result increase was achieved largely thanks to a massive single SHIB burn. This has coincided with a rigorous attempt by the SHIB price to surge, which ultimately failed, bringing the price back to the spot from where it spiked on Wednesday.

SHIB burns over 5,000% up

According to the above-mentioned data source, over the period of the last 24 hours, the SHIB community has succeeded in disposing of 61,468,595 SHIB meme coins in total. This triggered a massive surge in the burn rate, as it jumped by 5,154%.

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Image via Shibburn

This large amount of SHIB was sent to unspendable blockchain wallets in seven transfers. The largest one carried 48,266,929 SHIB, which constituted roughly 80.95% of the total amount of the burned coins. This transfer was performed by an unknown wallet seven hours ago.

In terms of transaction size, it was followed by 6,008,171 and 3,938,558 SHIB transfers.

Important statement issued by SHIB team

Recently, the SHIB team’s marketing lead known under the pseudonym Lucie addressed the Shiba Inu army to discuss alternatives to pumping millions into blockchain projects. She concluded that unless you are a crypto billionaire, the only efficient path to follow here is to be patient and to keep up one’s commitment to build regardless of current circumstances on the market.

“Focus on doing what you love with the best intentions and let it grow naturally,” Lucie asserted, adding that even “throwing millions at a bunch of influencers” may achieve nothing.

Lucie also stressed the importance of continuing to build and ignoring bad actors and “too many shady people out there getting paid for doing basically nothing.”

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Over the past day, the second largest meme cryptocurrency in terms of market cap, Shiba Inu, has demonstrated a rise of roughly 7.5%, reaching $0.00002652 and breaking out from $0.00002467. However, this remarkable growth was followed by a decline of 4.3%, pushing SHIB down. At the time of this writing, the popular meme coin is changing hands at $0.00002539.

Today’s rise was a peak of the 12% increase faced by SHIB since Tuesday.