SHIB Burns Skyrocket 49,464%: Here’s What’s Happening

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SHIB Burns Skyrocket 49,464%: Here‘s What’s Happening

Data shared by the Shibburn tracking platform in a recently published X post shows that in the past day the burn rate of the popular meme-inspired cryptocurrency has demonstrated a mind-blowing five-digit increase.

SHIBs sturdy price surge overnight

It happened while the Shiba Inu price printed a massive rise of more than 10% within just two hours, according to price charts. The price printed one massive and one smaller green candles on the chart, showing an astounding rise of more than 10% within two hours.

Thus, SHIB jumped from $0.00002523 to the $0.00002784 price level. At the time of this writing, the meme coin is changing hands at $0.00002732 after a slight decline and a rise that followed.

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Burn rate soars close to 50,000%

The aforementioned data source revealed a staggering overnight rise in the daily burn rate of the second biggest canine-based cryptocurrency in terms of market capitalization value, Shiba Inu (SHIB). Per recent tweet, this metric has skyrocketed by a whopping 49,646% with an impressive 175,311,356 SHIB coins transferred to unspendable blockchain addresses.

There has been five burns so far with the biggest one carrying 169,287,021 SHIB into the burn portal. Three more helped to burn 4,023,335, and two times by 1,000,000 SHIB meme coins.

However, the weekly burn rate is currently in the red zone, floating below zero. Over the past week, the Shiba Inu community has managed to dispose of 195,050,744 SHIB, but the burn rate reading itself has dropped by 69.49%.

HOURLY SHIB UPDATE$SHIB Price: $0.00002501 (1hr 2.33% ▲ | 24hr 2.63% ▲ )

Market Cap: $14,746,571,219 (3.14% ▲)

Total Supply: 589,262,162,823,605

TOKENS BURNT

Past 24Hrs: 175,311,356 (49646% ▲)

Past 7 Days: 195,050,744 (-69.49% ▼)

— Shibburn (@shibburn) November 23, 2024

Shytoshi Kusama enters “fudder roast mode”

On Friday, the pseudonymous SHIB lead developer Shytoshi Kusama surprised the SHIB community with multiple tweets on their X feed. Among them was a short thread in which the SHIB lead slammed FUD makers, saying that he had entered the “fudder roaster mode.”

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Kusama did not name anyone in particular. However, he pointed out that those bad actors often remove their tweets after publishing FUD against Shiba Inu in them: “Watch them delete messages. Now I will screenshot b4 I roast. Go ahead… use all your alts.”

I am in fudder roast mode. Go ahead give me more fud to lol at during the podcast.

— Shytoshi Kusama™ (@ShytoshiKusama) November 21, 2024

After that, Shytoshi made a few reminders to the community, saying that Shiba Inu remains the number one token on the Ethereum chain and also that the much-anticipated TREAT token that will play a key role in the Shiba Inu ecosystem has not been released yet.