The Shiba Inu community has been busy in the past 24 hours, as data from the crypto tracking service Shibburn reveals a significant increase in SHIB burns. In an impressive surge, the burn rate has increased by 5,785%. However, despite the community’s fervor, the SHIB price has not mirrored this rapid rise.
In a report from Shibburn, the SHIB burn rate has skyrocketed due to the Shiba Inu community’s activities. Over 3,244,007 SHIB meme coins were removed from the circulating supply, made possible by several transfers. The largest two burn transfers saw 1,263,583 and 1,000,000 SHIB moved out of circulation and into dead-end wallets.
The total amount of SHIB eliminated over the past week is 20 times larger, with a total of 63,327,612 SHIB coins burnt. However, compared to the previous week, the burn rate has dipped into the red zone, standing at minus 6.81%.
On the price front, the Shiba Inu meme coin experienced a price surge on January 21, spiking by 7.71% and hitting a local daily high of $0.00002126. This was followed by a 3.85% drop, with SHIB currently trading at $0.00002043.
This price movement mirrored that of Bitcoin, the world’s largest cryptocurrency by market capitalization. On the same day, Bitcoin saw a 6% increase, reaching $107,163. Since then, the price has fallen by 2.11%, with Bitcoin now valued at $104,900.
Meanwhile, in an event that has the global cryptocurrency community buzzing, Ross Ulbricht, the founder of the Silk Road darknet marketplace, received a pardon from newly-elected president Donald Trump. The Silk Road platform, which was shut down in 2013, was the first to adopt Bitcoin as a method of payment in 2012. However, it was primarily used for the sale of illegal drugs, weapons, and services. Ulbricht had been serving two consecutive life sentences before his pardon.
This latest development in the cryptocurrency world provides a stark reminder of the volatility and unpredictability of this rapidly advancing market. Despite the substantial burn effort from the Shiba Inu community, the SHIB price has not seen a corresponding increase. As investors and enthusiasts continue to navigate these digital waters, they will be keeping a close eye on these trends and their potential implications.
