Over Dozen Million Shiba Inu Burned in 24 Hours as Community Keeps Removing SHIB

After the launch of Puppynet on March 11, the amounts of Shiba Inu coins burned on a daily and weekly basis began growing fast. Hundreds of millions of SHIB have been burned since then daily, with few exceptions.

This time is one of those exceptions as less than 20 million SHIB were sent to dead wallets. In the meantime, the dog-themed asset has shown substantial growth over the past week.

15 million SHIB burned in 24 hours, 280 million gone in past week

A recent tweet posted by the Shibburn tracker shows that over the past 24 hours, the total amount of meme coins removed from the circulating supply totals 15,139,646 SHIB in only four transactions.

Over the past week, nearly 280 million meme coins have been sent to dead-end wallets to be locked there without any chance of withdrawal or spending.

In the past 24 hours, there have been a total of 15,139,646 $SHIB tokens burned and 4 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.

— Shibburn (@shibburn) April 4, 2023

During the month of March overall, according to Shibburn, 7,109,337,371 Shiba Inu were burned in total — locked both in unspendable wallets and in the SHIB contract.

SHIB rises on back of DOGE surge

Over the past 24 hours, Shiba Inu has surged by nearly 6%, showing an overall weekly rise of more than 11%, according to data shared by CoinMarketCap. At press time, the prominent meme token is trading at $0.00001145.

This price increase has been provoked by the recent surge of Dogecoin, the biggest meme cryptocurrency in terms of market capitalization. Yesterday, Twitter owner Elon Musk suddenly changed the Twitter logo from the famous blue bird to Dogecoin avatar.

This pushed the price of DOGE through the roof by a staggering 30% within a single hour.

Some on Twitter believe that Musk has finally begun to fulfill his plan about integrating Dogecoin on Twitter as a local currency for micropayments/tipping content creators. Crypto influencer David Gokhshtein is one of them, and he has posted several DOGE-focused tweets on his page by now.

Last year, before even buying his 9.2% stock of Twitter and becoming its largest single investor, Musk shared in his tweets and on podcasts that he believed Twitter should adopt DOGE as, in his view, the meme coin is much better suited for payments than Bitcoin.