The Shiba Inu burn-tracking platform, Shibburn, recently reported a massive 436.15% increase in the SHIB burn rate over the last 24 hours. This surge followed data collected since yesterday morning, showing the meme coin’s burn rate spike due to six notable transactions. The largest of these transferred 38,126,361 and 12,248,273 SHIB coins to inaccessible blockchain addresses, pushing the total burned amount to 52,341,966 SHIB.
Major Transactions Fuel Recent SHIB Burns
Earlier this week, Tuesday saw a 305% rise in SHIB’s burn rate, totaling 39,593,693 coins sent to dead-end wallets.
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The burn rate has seen even more dramatic increases recently, with a record-breaking 65,529.67% jump over the weekend, though it involved a smaller burn amount of just 2,652,095 SHIB.
Source: Shibburn
Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, recently tweeted a response to a post highlighting Bitcoin as the decade’s best-performing asset. Kusama countered with SHIB’s impressive price growth since hitting an all-time low on September 1, 2020. He revealed that SHIB’s price has surged by an astounding 33,774,726.7% since then.
Comparisons with Top Cryptocurrencies
Kusama noted other coins’ price growth over the same period, comparing SHIB’s gains with other major cryptocurrencies. Dogecoin (DOGE) saw a 202,583% increase, Solana (SOL) grew by 35,715.8%, and Binance Coin (BNB) rose 1,521,482.8%.
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Despite SHIB’s remarkable rise, Kusama stated that the team has more work ahead to earn full respect within the crypto community. Despite the recent burns and Kusama’s optimistic statements, SHIB’s price has faced a minor dip, falling nearly 5% over the past day.
This comes after a brief 14.66% rally earlier in the week, reminding SHIB holders of the coin’s continued volatility.