SHIB Burn Rate Plunges by 92% as Shiba Inu Token Briefly Crashes by 32%

Details revealed by the popular tracking platform Shibburn show that over the past day, the key SHIB burn metric has demonstrated a massive plunge in light of the overall crypto market collapse that started over the weekend.

Shiba Inu (SHIB) burns have seen a drastic decline recently, as per data from Shibburn.

In the past 24 hours, the SHIB burn metric has dropped by 91.61%, with a total of 2,602,610 SHIB meme coins burned. The largest burn transaction saw 1,913,509 SHIB transferred to a dead-end blockchain address. Three burn transactions have been processed so far, as indicated by the Shibburn website.

HOURLY SHIB UPDATE

$SHIB Price: $0.00001474 (1hr 1.42% ▲ | 24hr -14.74% ▼ )

Market Cap: $8,674,250,354 (-14.99% ▼)

Total Supply: 589,255,665,910,672

TOKENS BURNTPast 24Hrs: 2,602,610 (-91.61% ▼)

Past 7 Days: 1,162,030,479 (3614.46% ▲)

The daily burns are notably low, but the weekly burn rate has surged by 3,614.46%. A total of 1,162,030,479 SHIB have been burned out of the circulating supply in the past seven days.

On Friday, January 31, the Shiba Inu team burned 1,000,148,675 SHIB as they introduced a major update for the Shibarium automated burn mechanism, calling this SHIB burn portal ShibTorch V2. This marked a significant event for both the SHIB team and the meme coin's loyal community. The burn was conducted by the “Shib: Deployer 2” wallet on the Ethereum chain.

As per a tweet by the Shibarium Updates account on X, it was "an upgraded burning system designed for greater efficiency, accessibility, and community participation."

SHIB crashes 32% as Bitcoin takes a hit

The second-largest meme cryptocurrency, Shiba Inu, has seen a 34% dip on the deepest fall but quickly retraced, making a 25% decline. SHIB followed Bitcoin and the rest of the cryptocurrency market, which suffered from the trade tariff war imposed by the US government on Mexico, Canada, and China.

The US president did this as Canada rejected his offer to become the 51st US state and to punish Mexico for a massive influx of illegal immigrants and drugs from that country. Starting on Saturday, markets reacted quickly, but the collapse continued over the weekend, and the crypto market took a hit, with more than $2.2 billion in liquidations over the past day.