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The Shiba Inu community has made another successful effort at Burning SHIB Coins Memewhich pushes the burning rate significantly higher.
Meanwhile, the price of the second largest dog-themed cryptocurrency, Shiba Inu, rose by almost 8%.
SHIB burns jump 105%, here's how much has been removed
Shiburn tracking platform Word spreads that over the past day the SHIB community has successfully minted a large amount of meme coins, resulting in a burn rate of just over 105%.
The total number of coins burned is 1,877,749 SHIB. Of this amount, a SHIB payment of $1,000,707 was removed from the circulating supply in a single transfer.
Related to
44.6 billion gold shekels in 2024
The same data source that provided the aforementioned SHIB burn statistics shared on January 1 that over the past year, the SHIB team and community have been able to remove a staggering amount of meme coins from circulation. This staggering payment represented 44,623,604,014 SHIB worth just under $1 million.
However, many SHIB enthusiasts took that tweet from Shibburn skeptically, since these burns are still too small to significantly reduce circulating supply in the next year or two. The primary goal of token burning is to reduce the total supply in order to make the token more scarce and give it a chance to skyrocket in price. However, only half of SHIB's initial supply of quadrillion has been burned so far.
The majority of this amount was removed from circulation by Ethereum co-founder Vitalik Buterin in May 2021 when he received this huge SHIB amount from its mysterious founder Ryoshi as a sign of respect.
As for the month of December, SHIB fans transferred 2,679,767,542 Shiba Inu to dead-end blockchain wallets.
SHIB price rises overnight
Meanwhile, the price of the SHIB meme coin showed an impressive rise over the past 24 hours as it rose by almost 10% – from $0.00002084 to the $0.00002270 price level.
The meme has followed the world's most popular cryptocurrency, Bitcoin, and its price rise as Bitcoin has risen 3.81% since January 1, rising from $93,070 to $96,520, where it is trading at the time of writing.
As is the case with the entire cryptocurrency market, SHIB is very sensitive to Bitcoin price movements and usually follows BTC whether it rises or falls.
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