The SHIB community continues to actively remove meme coins from the circulating Shiba Inu supply. According to the data recently shared by the Shibburn tracking platform, the SHIB burn rate has plunged heavily in the last 24 hours.
It has mirrored the recent SHIB market behavior, which has also taken the second largest meme-inspired cryptocurrency into the red zone on charts.
SHIB burns deep in red
A recent update on the Shibburn website shows that since last morning, thanks to the regular efforts of the SHIB community, another multi-million meme coin lump has been removed from circulation and locked in unspendable blockchain addresses – 8,738,201 SHIB have been burned in all.
However, the burn rate metric watched by many within the SHIB community, has plunged by more than 72%, putting the burn rate deep in the red zone.
Still, things stand much better on the weekly burn rate time frame with a total of 102,867,453 SHIB sent to dead-end wallets over the past seven days. The burn metric here has soared by 164.53%.
2025 has just started with low daily burn rates so far mostly. Several times earlier over the past nine days, the SHIB burn rate has spiked by roughly 1,000% and 2,000%, according to Shibburn data.
The SHIB price has plummeted by 3.35%. This week, SHIB’s total consecutive decline has constituted 13%.
SHIB lead Kusama responds to former Binance CEO CZ
The mysterious SHIB lead developer known to the community under the pseudonym Shytoshi Kusama has cited a recent X post by Changpeng Zhao (CZ), a co-founder and former Binance boss, responding to him.
While CZ, an acknowledged crypto influencer and billionaire stated that it is important to follow the community’s needs and “build what people need, not what you think they need,” Kusama believes that it is much more important to “build what people need before they know they need it.”
Actually, CZ, build what people need before they know they need it. Otherwise, you will be building while there is a need and things may shift. Adoption comes naturally as the narrative shifts to what you’ve already built. And, luckily, this is exactly what we have done. WATCH. https://t.co/92Oi4zIwfX
— Shytoshi Kusama™ (@ShytoshiKusama) January 8, 2025
Shytoshi believes that people’s current needs may change and then “things may shift”. Adoption, which was mentioned by CZ as “the only key metric that matters”, according to Kusama, naturally comes to shift the narratives towards what teams have built already.
“Luckily, this is exactly what we have done,” Shytoshi added, inviting CZ to watch what is happening to SHIB and Shibarium.
