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According to the data published by the popular Shibburn on-chain burn tracker, over the past day, the Shiba Inu team has managed to dispose of a large amount of meme coins, moving millions of them out of the circulating supply.
As a result, the SHIB burn metric has staged an impressive three-digit increase.
SHIB burns spike 117% with millions of SHIB scorched
Data from the above-mentioned tracking platform has revealed that over the past 24 hours, the SHIB burn rate has showcased an increase of 116.76%, while a massive 25,696,960 SHIB chunk was transferred into unspendable wallets and out of the circulating supply.
Shibburn revealed a list of six transactions that drove SHIB to dead-end blockchain addresses. The largest ones carried 14,879,045 SHIB and 8,000,000 SHIB, plus three transfers shoveled around 1,000,000 SHIB each.
881,353,310 SHIB torched per recent update
A recent update revealed by the “Shibarium Updates” (@Shibizens) account on the X social media network shows that a much bigger amount of SHIB than above has been burned recently through the layer-2 solution Shibarium. In particular, the tweet mentioned the ShibTorch platform.
Per this tweet, a massive 881,353,310 SHIB coins have been burned in total. @Shibizens highlighted that these huge burns also included the recently conducted burns of 16,682,282.98 SHIB and 521,134.84 SHIB on April 14 and April 18.
Those 881.3 million SHIB were converted from gas fees automatically collected from transactions performed on Shibarium and paid in BONE tokens – 30% of each fee is set aside to be converted into SHIB and burned later, when a certain amount of BONE is set aside.
ShibTorch V2 is an integral part of the SHIB Operating System (SHIB O.S) released by the SHIB team earlier this year. The original version of the burn mechanism debuted last year as the SHIB team switched burns from a manual to an automated mode.
SHIB price’s fresh surge
Over the weekend, the second most popular meme cryptocurrency, Shiba Inu, has pleased its community by staging a nearly 5% price increase. On Sunday, it also showed a small 1.38% decline in between but quickly rebounded after it.
On Saturday, SHIB recovered after a 2.56% price drop and then surged from $0.00001214 to the $0.00001272 price level, where it is changing hands at the time of writing this article.
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