SHIB Burns Jump 105%, Price Spikes by Almost 8%

The Shiba Inu community has made another successful effort at burning SHIB meme coins, pushing the burn rate up significantly.

The Shiba Inu community has burned another large batch of SHIB meme coins at a rate that has spiked by 105%, while the price of the second largest canine-themed cryptocurrency has surged by almost 8%.

Shiba Inu Community Burns Another Batch of SHIB at an Accelerated Rate

The Shibburn tracking platform has reported that over the past day, the SHIB community has burned another large batch of meme coins at a rate that has increased by 105%. The total amount of SHIB burned now stands at 1,877,749 SHIB, of which 1,000,707 SHIB was removed from the circulating supply in a single batch.

According to Shibburn, the total amount of SHIB burned now stands at 1,877,749 SHIB, of which 1,000,707 SHIB was removed from the circulating supply in a single batch. The platform, which tracks the burn rate and the number of meme coins disposed of on a daily basis, also reported on Jan. 1 that over the past year, the SHIB team and community have burned an impressive 44,623,604,014 SHIB.

This batch of meme coins was valued at slightly less than $1 million at the time of the burn. However, many SHIB enthusiasts took that tweet from Shibburn skeptically, since these burns are still too small to reduce the circulating supply significantly in the next year or two. The whole point of token burns is the reduction of the total supply in order to make a coin more scarce and give it a chance to skyrocket in price. Still, only half of the initial quadrillion SHIB supply has been burned so far.

The majority of that amount of SHIB was removed from circulation by Ethereum co-founder Vitalik Buterin back in May 2021 when he received that huge SHIB amount from its mysterious founder Ryoshi as a sign of respect. Buterin then proceeded to burn 90% of that SHIB, sending the rest to charity. As for December, SHIB fans transferred 2,679,767,542 Shiba Inu to dead-end blockchain wallets.

SHIB Price Surges by 8% as BTC Price Spikes

The price of the SHIB meme coin has displayed an impressive surge over the last 24 hours as it rose by close to 10% — from $0.00002084 to the $0.00002270 price level. The meme coin has followed the world’s most popular cryptocurrency Bitcoin and its price spike as BTC soared by 3.81% since Jan. 1, rising from $93,070 to $96,520, where it is trading at the time of writing this material.

As is the whole cryptocurrency market, SHIB is very sensitive to price movements of Bitcoin and usually follows BTC whether it goes up or down. The meme coin is now up by 66.3% since the beginning of 2023, and it has surged by 46.3% over the past three months. SHIB also soared by 33.3% in the last 90 days.