Data shared by the popular crypto tracking service Shibburn reveals that during the past 24 hours, the Shiba Inu community has disposed of a large number of meme coins, pushing the burn rate up four digits.
Meanwhile, the SHIB price has failed to follow this drastic surge.
SHIB burns surge 5,785%
The data source mentioned above has reported that since last morning, as a result of the Shiba Inu community’s efforts, the burn rate of the second largest canine-themed cryptocurrency SHIB has seen a massive increase of more than 5,785%.
Thanks to several transfers, a total of 3,244,007 SHIB meme coins in total has been kicked out of the circulating supply. The two largest burn transfers carried lumps of 1,263,583 and 1,000,000 SHIB out of circulation and into dead-end wallets.
The total amount of SHIB destroyed over the past week is roughly 20x bigger than that and constitutes 63,327,612 SHIB. However, the burn rate reading is down in the red zone compared to the week before and stands at minus 6.81%.
HOURLY SHIB UPDATE$SHIB Price: $0.00002045 (1hr -0.88% ▼ | 24hr -3.03% ▼ )
Market Cap: $12,058,600,807 (-3.01% ▼)
Total Supply: 589,256,855,981,115TOKENS BURNT
Past 24Hrs: 3,244,007 (5785.03% ▲)
Past 7 Days: 63,327,612 (-6.81% ▼)— Shibburn (@shibburn) January 21, 2025
SHIB price peaks and falls
On Tuesday, January 21, the Shiba Inu meme coin demonstrated an impressive price surge, spiking by 7.71% and reaching the $0.00002126 level as a local daily high. However, that price momentum was followed by a decline of 3.85% and SHIB is currently changing hands at $0.00002043.
Here SHIB followed the price trajectory of the world’s largest cryptocurrency by market capitalization Bitcoin. On Tuesday, BTC soared, gaining slightly more than 6% and reaching the $107,163 level. By now, the price has dropped 2.11% and Bitcoin is sitting at $104,900.
On Monday, it rocketed to a new all-time high of $109,114 for the first time after December 16, driven by the approaching inauguration of Donald Trump.
Crypto world celebrates Ross Ulbricht’s pardon
Today, the global cryptocurrency community is celebrating the long-anticipated pardon and the upcoming release of Ross Ulbricht – the founder of the Silk Road darknet marketplace, which in 2012 was the first platform to adopt Bitcoin as a means of payment. However, vendors on it sold mostly illegal drugs, weapons, and illegal services.
The platform was shut down in 2013 and Ulbricht received two consecutive lifetime sentences from the judge. The newly-elected president Donald Trump has granted a pardon to Ross Ulbricht.
