According to the Shibburn explorer, the burn rate of Shiba Inu meme coins increased by an astounding 35,614% on Sunday.
This sharp rise has since subsided, and the burn rate measurement has entered the red zone.
SHIB burn rate explodes for a day, but there’s a catch
Shibburn’s statistics indicates that on Sunday, the SHIB community drove the burn rate to an incredible 35,614.08% higher than it was on Saturday. But the astounding increase was only brought about by the burning of 36,554,431 Shiba Inu meme money.
https://x.com/shibburn/status/1723762635999412682?s=20
This metric’s readings can frequently be highly correlated and portray a high number, yet only a tiny percentage of Shiba Inus are truly burnt, or delivered to dead-end wallets.
As of the time of writing, 11,668,891 SHIB coins have been destroyed, bringing the burn rate down to -61.15%. Not a single one of the 23 transactions to unspendable wallets included even 10,000,000 SHIB.
While there were occasional instances of many SHIB lumps burning in an hour, the largest transfers to dead blockchain addresses contained 2,123,456 SHIB, 1,124,227 SHIB, and 1,168,760 Shiba Inu. The transactions were made every hour. Only 13,719 SHIB were carried by the smallest one.
According to a tweet sent by Shibburn on Sunday, the SHIB army was able to send 373,715,046 SHIB in 58 transfers over the course of the previous week. Last week saw a few instances of extremely high burn rate surges; the SHIB burn rate exceeded 1,200% on many occasions, and over 100 million SHIB meme coins were placed into “inferno” wallets.
SHIB team offers big giveaway
Following the recent giveaway of 1,000 NFTs with the covers of Shib Magazine, which was just established, the team behind the meme currency decided to organise a larger giveaway for the SHIB army and readers, according to a tweet from the official SHIB social media marketing specialist Lucie.
The first 1,000 people to register as readers on Shib Magazine’s website received one of those 1,000 NFTs of the cover of the magazine’s debut issue.
The SHIB team is providing 3,000 NFTs this time. Furthermore, Lucie proposed that the SHIB army make a guess as to which celebrity would be on the cover of the next Shib Magazine second edition. She made a suggestion that it would be “a renowned athlete.”
https://x.com/LucieSHIB/status/1723806961936814320?s=20
In general, the magazine intends to regularly publish news on the latest developments, ground-breaking concepts, and novel creations in the cryptocurrency industry, with a focus on the SHIB ecosystem.
