Shiba Inu Burn Rate Surges 11,899% as Bitcoin Hits New All-Time High

The Shibburn tracker has revealed a significant surge in the SHIB burn metric, with tens of millions of meme coins sent to dead wallets over the past day. This increase, which logged a five-digit percentage rise of 11,899%, has been attributed to the growing momentum in the broader crypto market. The SHIB burn rate, which refers to the number of SHIB tokens removed from circulation, has been a key indicator of the token's deflationary nature. As more tokens are burned, the supply decreases, potentially leading to an increase in value for remaining tokens. This recent spike in burns suggests a heightened level of activity and interest in the SHIB ecosystem, which could be driven by various factors such as community initiatives, developer updates, or market sentiment.

The recent update published by the aforementioned source of data reveals that over the past 24 hours, the SHIB burn rate has spiked by an impressive 11,899% thanks to a large amount of meme coins burned this time cumulatively: 28,682,712 SHIB. There have been three burn transactions today so far and they carried 15,106,880 SHIB, 6,466,388 SHIB, and 7,109,444 SHIB to unspendable blockchain wallets. The transactions were initiated by anonymous whales. This sudden SHIB burn surge took place after the crypto market gained bullish momentum thanks to a new all-time high reached by Bitcoin. On May 21, the largest digital currency by market capitalization, Bitcoin, registered a price jump as it finally reached the long-anticipated new all-time high. This time, BTC soared to $111,861. The previous historic peak was smashed on January 20, with Bitcoin reaching $109,356 per coin. The current price surge took place as spot Bitcoin ETFs registered massive inflows. Another trigger was the US Senate finally passing the stablecoin bill, removing a key procedural barrier for US crypto businesses and serving as a big bullish driver for the broader cryptocurrency market. At press time, Bitcoin is changing hands at $110,484.

According to a weekly burn update published by the Shiba-Inu-affiliated X account “Shibarium Updates,” over the last week, the SHIB team have managed to dispose of a massive meme token amount. In total, 1,095,269,361 SHIB has been driven out of the crypto market and locked in dead-end wallets. These burns were conducted via the SHIB burn portal on the Shiba Inu website. The two latest burns, registered there featured 14,993,658.85 SHIB (May 19) and 15,106,880.28 SHIB (May 21). As soon as another minimum amount of SHIB is collected from transaction fees on Shibarium, another burn will take place. So far 2,491,920.75 SHIB and 115.52 BONE have been collected to be burned later on.

The crypto market has been experiencing large momentum, with other major cryptocurrencies also showing significant gains. This overall positive market sentiment could be contributing to the increased burning of SHIB tokens, as investors and holders look to capitalize on the potential price appreciation. The SHIB burn rate is a crucial metric for the SHIB community, as it directly impacts the token's supply and potential value. The recent surge in burns indicates a strong level of engagement and support from the community, which could bode well for the token's future prospects. As the crypto market continues to evolve, it will be interesting to see how the SHIB burn rate and overall market sentiment develop in the coming months.