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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In an exciting development, the second most popular meme cryptocurrency Shiba Inu has staged substantial growth in the amount of SHIB that have been locked in unspendable wallets since last morning.
In the meantime, the SHIB price has attempted to recover after the recent decline.
Shibburn meme crypto tracking platform has revealed data about the Shiba Inu burns that have taken place within the period of the last 24 hours. These figures have revealed that the SHIB community has succeeded in burning a total of 34,681,610 SHIB, increasing the burn rate by 103.45%.
Burning this SHIB lump has been achieved by four transfers to dead-end wallets, the largest one carried 33,673,855 SHIB meme coins, which equals 97.08% of the total burned amount of crypto.
The SHIB community conducts regular meme coin burns in an attempt to reduce SHIB’s supply and make the meme cryptocurrency more scarce. The SHIB team also takes part in this from time to time — they convert part of Shibarium gas fees from BONE into SHIB and burn billions of Shiba Inu at a time.
Earlier this week, the marketing lead of SHIB, who refers to herself as Lucie, tweeted that while Bitcoin and the whole cryptocurrency market have entered a stage of price reverse now, she believes that SHIB is the only coin that is capable of surprising the market.
Lucie expects the meme coin to soar to a new all-time high before the approaching Bitcoin halving event or soon after it. The halving is scheduled for the second half of April, with less than a month away from now. SHIB’s all-time high reached in October 2021 constituted $0.00008845. Currently, after surging by 4.50% over the last 24 hours, SHIB is changing hands at $0.0000271.