Shibburn, a well-known blockchain tracking platform, reported a significant surge in the SHIB burn rate over the past 24 hours. This increase was driven by the burning of a substantial quantity of meme coins.

Concurrently, the price of SHIB has experienced a slight upward trend since yesterday morning, mirroring the positive movement in its burn rate.

SHIB Burn Rate Skyrockets by 588%

Data from Shibburn reveals that the Shiba Inu community, known for their dedication to the second-largest meme cryptocurrency, has successfully boosted the SHIB burn rate by an impressive 588.25% in the last day.

A remarkable 15,492,566 SHIB tokens have been removed from circulation in total through burning. Notably, a single transaction accounted for the largest portion, burning 13,755,030 SHIB. The second largest among the seven burn transactions involved 800,000 SHIB.

However, weekly burn figures show a decrease of 37.88%, with a total of 81,938,935 SHIB burned during the last seven days.

In total, a vast amount of 584,297,362,168,336 SHIB remains in circulation. Significantly, almost half of the initial quadrillion supply – 410,744,497,531,903 SHIB – has already been burned. A higher burn rate increases the potential for SHIB’s price to surge to $0.10 or even higher. Nevertheless, many SHIB proponents believe that burning at least 90% of the meme coin’s total supply is necessary to reach such price targets.