Data shared by the SHIB community through the Shibburn tracking platform, which monitors large Shiba Inu burns and then shares the details of those transactions on its website and X account, has reported a massive burn transfer. This transaction carried almost two dozen SHIB coins out of the circulating supply.
Meanwhile, the SHIB price plummeted hard today, losing 7.31% in merely three hours.
23,571,440 SHIB gone in minutes
The abovementioned data source, Shibburn, spread the word about a total of 23,738,202 SHIB getting burned by the Shiba Inu community since yesterday morning. The lion’s share of this meme coin chunk was removed from circulation in a single transfer, which contained 23,571,440 SHIB. The second transfer carried less than 200,000 SHIB.
This total burn has given a minor increase to the daily SHIB burn metric, pushing it up by 74.86%.
A day before, this metric demonstrated a five-digit rise of 11,899%, when 28,682,712 SHIB was sent to a virtual stake and burned. To achieve that result, the meme coin’s community made three burn transactions, carrying 15,106,880 SHIB; 6,466,388 SHIB and 7,109,444 SHIB.
Over the past week, the SHIB team has burned more than one billion coins — 1,095,269,361 SHIB. These burns were made via layer-2 solution Shibarium using the automatic burn portal. This update was published by the Shibarium Updates X account.
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SHIB price plummets 7.31%
The second-biggest meme cryptocurrency, SHIB, has plunged hard today as part of the major crypto market’s reverse, as the world’s bellwether crypto Bitcoin went down by 2.44%.
After reaching the all-time high close to $112,000, BTC is now changing hands at $108,550 per coin. Data shows that the Spent Output Profit Ratio (SOPR) is going down, suggesting that institutional investors are selling at a loss, which increases the selling pressure on Bitcoin.
Besides, traders seem to be shedding their leverage bets. Adding to that, traders are waiting to see broader macroeconomic market signals similar to the recently announced trade tariff pause between the U.S. and China.
