CoinEfficiency

SHIB Burn Rate Surges 3,255% Amid Price Drop

The Shiba Inu community burned over 29 million SHIB tokens in 24 hours, despite a 6% price decline. Discover the latest updates on SHIB's price movement and market trends.
Published on 2025-03-08

SHIB Burn Rate Surges 3,255% Amid Price Drop

The Shiba Inu community has made significant strides in burning meme coins, with a staggering 3,255% increase in the burn rate over the past 24 hours. According to data from Shibburn, a total of 29,343,261 SHIB tokens were removed from circulation and transferred to unspendable wallets. This massive burn occurred across five transactions, with the two largest accounting for 28,526,813 SHIB within a single hour. The smallest burn was 20,000 SHIB, while the weekly burn total reached 103,929,094 SHIB. However, the weekly burn rate is currently down by 19.54%.

SHIB Price Drops 6% Overnight

Despite the significant burn efforts, SHIB's price has declined by approximately 6% overnight. This drop follows a 7% gain on Friday after news of the U.S. president signing an executive order to create a Strategic Crypto Reserve. However, clarification that only Bitcoin would be included in the reserve, excluding other cryptocurrencies like XRP, ADA, and SOL, led to a market downturn. Additionally, "crypto czar" David Sacks announced that the government does not plan to purchase more Bitcoin, instead holding onto the 200,000 BTC it currently possesses. This news caused Bitcoin's price to fall by over 5%, impacting the broader crypto market. As of now, SHIB is trading at $0.00001282, while Bitcoin is priced at $85,930.

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