Tenacious efforts of the SHIB community to reduce the circulating Shiba Inu supply continue

The SHIB burn rate has surged today along with the SHIB price, which added more than 7%.

The tenacious efforts of the SHIB community to reduce the circulating Shiba Inu supply continue, and they have managed to remove tens of millions of meme coins from the market.

The SHIB burn rate has surged today along with the SHIB price, which added more than 7%.

SHIB burns show 4-digit rise

According to the data published on the website of the popular blockchain tracker Shibburn, over the last 24 hours, the SHIB burn rate has gone up by a substantial 6,858.37% since last morning. The total amount of meme coins destroyed in the last 24 hours stands at 18,902,967 SHIB.

The two largest burns out of five today carried 17,823,884 and 1,070,924 SHIB to unspendable wallets.

As for the weekly burns, they proved to be low as well, with the burn rate showing minus 89.3%. In total, 55,017,003 SHIB have been burned during the past week.

Part of SHIB burns are made by the SHIB team through an automated burn portal; 30% of the gas fee on Shibarium is collected for that. That fee is paid in BONE, which later gets converted into SHIB and then burned out of circulation. The daily transaction count on the Layer-2 network Shibarium is currently down at 4.26 million, which may partly explain the low weekly SHIB burns level.

SHIB market performance

Since Friday, the second-largest meme cryptocurrency, SHIB, has staged a more than 8% price increase. The majority of it has taken place today as the coin added 7.16% with a small rebound to follow.

At the time of this writing, SHIB is changing hands at $0.00001581. As the world’s flagship cryptocurrency, Bitcoin, soared above the $103,000 level on Friday for the first time since January, coming close to $104,000, altcoins and meme coins in particular followed suit.

On-chain analytics data company Santiment has reported that certain assets have started to pick up bullish momentum this weekend and those are meme coins, liquid staking assets and Layer-1 coins.