CoinEfficiency

SHIB Burn Rate Surges 567% Amid Price Volatility

Discover the latest updates on SHIB's burn rate and price movements, highlighting significant changes in the meme coin's ecosystem.
Published on 2025-02-04

SHIB Burn Rate Surges 567% Amid Price Volatility

The SHIB community has achieved remarkable progress in reducing the circulating supply of the meme coin. Over the past 24 hours, a total of 4,618,788 SHIB were burned, marking a 567.83% increase in the burn rate. This significant effort was driven by two large transactions, with 1,913,509 SHIB and 1,425,595 SHIB transferred to unspendable wallets.

On a weekly basis, the burn rate has risen by 3,829.29%, with a total of 1,163,645,543 SHIB removed from circulation. Currently, the circulating supply of SHIB stands at 584,276,060,739,814 coins, with 410,744,336,857,535 burned to date. A substantial portion of these burns occurred in May 2021, initiated by Ethereum co-founder Vitalik Buterin, who sent a large amount of SHIB to a dead wallet after receiving it as a gift.

SHIB Price Experiences Sharp Decline

Despite the positive burn momentum, SHIB's price has experienced volatility. Over the past 24 hours, the cryptocurrency plummeted by 11%, dropping to $0.00001522 after losing the $0.00001690 level. This decline followed a significant 31% price surge on Monday, which mirrored Bitcoin's recovery from a 12% drop earlier in the week.

Bitcoin's price movements have had a noticeable impact on SHIB. After spiking by 10% on Monday, Bitcoin regained the $102,000 mark but has since retraced, currently trading at $98,255. This volatility highlights the interconnectedness of cryptocurrency markets and the influence of broader market trends on meme coins like SHIB.

Current SHIB Stats at a Glance

  • Circulating Supply: 584,276,060,739,814 SHIB
  • Total Burned: 410,744,336,857,535 SHIB
  • Staked SHIB: 4,979,602,402,649 SHIB

The SHIB ecosystem continues to evolve, with community efforts to reduce supply and improve utility through staking and DeFi participation. However, price volatility remains a key challenge, influenced by both internal dynamics and external market factors.

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