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According to a recent tweet issued by Shibburn, the weekly burn rate of the second largest meme cryptocurrency Shiba Inu has displayed a large four-digit increase, surpassing 2,000%.
A single burn made by a SHIB team member earlier this week has pushed the weekly burn metric reading that high up.
SHIB burns soar 2,085%
The tweet published by the data source mentioned above revealed that over the past seven days, a mind-blowing amount of meme coins has been transferred into a virtual furnace and out of the circulating supply — 1,138,148,465 SHIB. The overall burn rate rise reached 2,085.71%.
Notably, the majority of this tremendous SHIB amount was burned in a single transfer as 1,000,148,675 SHIB coins were torched by the SHIB team — its major developer Kaal Dhairya made an announcement about that on his X account on Friday. This was also shared by the “Shibarium Updates” X account. At the time of the burn transaction, that amount of SHIB was worth roughly $18,800.
A tweet published by the latter revealed that this huge burn was aligned with the launch of ShibTorch V2 — an improved burn system developed to have “greater efficiency, accessibility, and community participation.”
A portion of transaction fees on Shibarium converted from BONE tokens to SHIB was eliminated in this burn. Now, thanks to the above-mentioned upgrade, the automated BONE-to-SHIB conversion will be faster with SHIB burns taking place further. Besides, other changes will be able to participate in burns from now on, apart from Shibarium.
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SHIB price reacts unexpectedly
During the past 24 hours, the popular meme-inspired cryptocurrency SHIB has plunged, printing a loss of more than 4%. After reaching a local peak at roughly $0.00001968, it landed at the $0.00001858 price level. As of now, after a tiny rebound, it is changing hands at $0.00001866.
That plunge followed impressive 5.91% growth demonstrated on Friday, Jan. 31. On that day, SHIB nosedived mirroring the price trajectory of the crypto market leader Bitcoin. The world’s flagship cryptocurrency tanked following the stock market after U.S. president’s administration confirmed the implementation of higher trade tariffs for Canada, Mexico and China.
Bitcoin went down by 4.20% and lost the $106,000 mark, now trading at $101,700 per coin.
Source: https://u.today/shib-burns-skyrocket-2085-price-reacts-with-surprise-fall