SHIB meme coins burn rate spikes 2,416%, millions of coins gone

A substantial amount of SHIB meme coins has been pushed out of circulation over the past 24 hours

A substantial amount of SHIB meme coins has been pushed out of circulation over the past 24 hours, according to the recent data from the Shibburn tracking service.

This massive burn has triggered a four-digit increase in the SHIB burn rate.

SHIB burns surge 2,416%, millions of coins gone

According to the recent update published by the aforementioned data source, over the first day, the metric that tracks the shrinking SHIB supply, SHIB burn rate, has jumped by 2,416.44%. The cumulative amount of meme coins that have been removed from the market this time permanently totals 53,913,481 SHIB.

The three largest coin chunks transferred to dead wallets since last morning carried 14,178,952, 23,068,929, and 11,264,137 SHIB.

As U.Today reported earlier, over the weekend, the burn rate spiked by 22,662.92%, but the amount of meme coins burned on Saturday was much smaller – 37,959,900 SHIB.

SHIB price jumps 4.8%

The SHIB price has experienced a substantial 4.8% increase, rapidly rising from $0.00001408 to the $0.00001476 level.

The second-largest meme coin followed the price trajectory of the bellwether cryptocurrency Bitcoin.

BTC surged by 2.43% over the past 24 hours, now trading at $110,064 after leaving the $107,500 zone behind. This surge was fueled by an official announcement about the US government delaying the implementation of 50% trade tariffs on European goods from June 1 until July 9.