SHIB Burns Skyrocket 12,278% — What’s Happening?

Data shared by popular blockchain tracker Shibburn, which monitors large SHIB transactions to dead wallets and then shares the details on its website and X account, has revealed that over the past day, there has been a massive five-digit increase in the Shiba Inu burn rate.

As a result of these burns, more than a hundred million meme coins have been driven out of circulation.

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SHIB burns spike 12,278%

According to the data source, over the past 24 hours, the burn rate of the second-largest meme cryptocurrency, Shiba Inu, has skyrocketed by 12,278.89% thanks to a total of 115,890,322 SHIB getting moved to unspendable wallets.

The website shows five burn transactions performed over the past day. The two largest ones carried 92,644,446 SHIB eight hours ago and 20,250,401 SHIB roughly 21 hours ago. Both were made by anonymous whales, the addresses from which the transactions were sent are completely different.

The large burns took place after layer-2 solution Shibarium finally surpassed the milestone of one billion transactions. Burns often take place on the Shib.io portal using gas fees, after enough of them (paid in BONE) are set aside by the SHIB team. Usually, once 1,000 BONE gets set aside, it is converted into SHIB and goes to a dead-end wallet.

By now, the SHIB community has managed to burn 410,747,625,781,618 SHIB since 2021. A total of 584,365,723,302,499 meme coins remain in circulation.

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SHIB team shares key 10 rules for investors

In a post published two hours ago, the official marketing lead of the SHIB developer team, known to the community as Lucie, shared 10 rules that are important for SHIB investors to follow to avoid getting scammed and losing their money.

Rule number one says that it is unwise to sell “well-backed tokens for some random s-coin run by a lame team.” Lucie warns the community to never do that. It is also not worth chasing every coin that is pumping: “If it needs 10 influencers to move, it probably can’t walk on its own.” That is rule number two.

She also stressed that regarding a coin that is launched without any particular purpose and is only backed with “vibes,” “don’t be surprised when it dies with zero value.” However, Lucie believes that there are exceptions here; however, it only proves the aforementioned rule about the lack of utility.