PakGazette – The community has made another successful effort to burn SHIB meme coins, significantly increasing the burn rate.
Meanwhile, the price of the second largest dog-themed cryptocurrency, Shiba Inu, has soared almost 8%.
SHIB burns increase by 105%, here’s what was removed
Tracking platform Shibburn is spreading the word that over the past day the SHIB community managed to dump a large number of meme coins, causing the burn rate to increase by just over 105%.
The number of meme coins burned amounts to 1,877,749 SHIB. Of this amount, a batch of 1,000,707 SHIB was removed from the circulating supply in a single transfer.
44.6 billion SHIB will disappear 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 managed to remove a mind-boggling number of meme coins from circulation. This astonishing lot constituted 44,623,604,014 SHIB worth just under $1 million.
However, many SHIB enthusiasts took that tweet from Shibburn with skepticism, as these burns are still too small to significantly reduce the circulating supply in the next year or two. The goal of token burning is to reduce the total supply to make a coin more scarce and give it a chance to skyrocket in price. Still, only half of the initial quadrillion supply of SHIB has been burned so far.
Most of that amount was withdrawn from circulation by co-founder Vitalik Buterin in May 2021, when he received that huge amount of SHIB from its mysterious founder Ryoshi as a sign of respect.
In December, SHIB fans transferred 2,679,767,542 Shiba Inu to dead-end blockchain wallets.
SHIB price rises overnight
Meanwhile, the SHIB meme coin price has shown an impressive rise in the past 24 hours as it rose by close to 10%, from $0.00002084 to the price level of $0.00002270.
The meme coin has followed the world’s most popular cryptocurrency and its price rise, as BTC skyrocketed 3.81% since January 1, rising from $93,070 to $96,520, where it is trading at the time of writing.
Like the entire cryptocurrency market, SHIB is very sensitive to Bitcoin price movements and generally follows BTC whether it goes up or down.
