SHIB Burns Skyrocket 2,060,231% But Here’s Big Catch

The SHIB burn rate has demonstrated an astounding surge, reaching a seven-digit figure since yesterday morning. Still, the amount of meme coins that were burned is not a mind-blowing one, despite the high growth figure.

In the meantime, the SHIB price has staged a 9% increase today, after collapsing almost 2x on Sunday.

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SHIB burns jump 2,060,231%, but there’s a catch

According to the Shibburn wallet tracker, over the past 24 hours, the burn rate of the Shiba Inu meme coin skyrocketed by a mind-boggling 2,060,231.23%. However, the number of coins destroyed overnight comprises only 13,392,153 SHIB.

The largest transfer carried 9,999,999 SHIB to an unspendable wallet. The second-largest transaction in size moved 1,216,499 SHIB out of circulation. Two other burn transfers were slightly smaller than 1,000,000 SHIB, per the Shibburn website.

Looking at the weekly burns, we see that the community has managed to dispose of nearly 200 million meme coins – 191,449,298 SHIB in total, which constitutes minus 82.04% growth compared to the previous week.

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Top SHIB executive comments the market crash

The official marketing lead of the SHIB team known under the pseudonym Lucie has published a tweet, in which she offered her take on the current bloodbath that has struck the cryptocurrency market.

Lucie believes that the market is being “manipulated” by “heavy politics.” She assumes that many are heavily stressed out because of that: “People are mentally breaking down.” While weak crypto projects are “looking for someone to blame”, other builders continue to build, she said, probably meaning the SHIB team.

Currently, Lucie stated, “he real value is in how projects build—and the strong foundation behind them.”