SHIB Burns Crash Hard As Market Collapses: Details
Yuri Molchan Key Shiba Inu metric plummets hard along with cryptocurrency market Burn rate deep in redSHIB crashes 32% as Bitcoin takes hit Cover image via www.freepik.comDisclaimer: 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. Details revealed by the popular tracking platform Shibburn show that over the past day, the key SHIB burn metric has demonstrated a massive plunge in light of the overall crypto market collapse that started over the weekend.As the crypto bloodbath befell the market, the SHIB burn metric has suffered as well, dropping by almost 100%. That happened as the SHIB token briefly saw a massive 32% crash.Burn rate deep in redA recently published tweet from the data source mentioned above shows that over the past 24 hours, the daily burn rate has plunged by 91.61% compared to the previous day. This time, a total of 2,602,610 SHIB meme coins were transferred to unspendable blockchain addresses. The largest dead-end-wallet transaction carried 1,913,509 SHIB from circulation. There have been three burn transfers in total thus far, according to the Shibburn website.HOURLY SHIB UPDATE$SHIB Price: $0.00001474 (1hr 1.42% ▲ | 24hr -14.74% ▼ )Market Cap: $8,674,250,354 (-14.99% ▼)Total Supply: 589,255,665,910,672TOKENS BURNTPast 24Hrs: 2,602,610 (-91.61% ▼)Past 7 Days: 1,162,030,479 (3614.46% ▲)— Shibburn (@shibburn) February 3, 2025 While the daily burns are quite low, the weekly burn rate has skyrocketed by a whopping 3,614.46%, with a staggering 1,162,030,479 SHIB burned out of the circulating supply in total.A total of 1,000,148,675 SHIB were destroyed on Friday, Jan. 31, by the Shiba Inu team, as they introduced a major update for the Shibarium automated burn mechanism, calling this SHIB burn portal ShibTorch V2. It was a significant milestone both for the SHIB team and the meme coin’s loyal community. The burn was conducted by the “Shib: Deployer 2” wallet on the Ethereum chain.According to a tweet published by the Shibarium Updates account on X, it was: “an upgraded burning system designed for greater efficiency, accessibility, and community participation.” Related SHIB crashes 32% as Bitcoin takes hitThe second-largest meme cryptocurrency, Shiba Inu, has dipped by 34% on the deepest fall but then retraced quickly, making it a 25% decline. SHIB followed Bitcoin and the rest of the cryptocurrency market, which has suffered from the trade tariff war imposed by the U.S. government on Mexico, Canada and China.The U.S. president started that initiative as Canada rejected his offer to become the 51st U.S. state and to punish Mexico for a massive inflow of illegal immigrants and drugs from that country. As it started on Saturday, markets reacted quickly, but over the weekend, the collapse continued, and the crypto market took a hit as more than $2.2 billion worth of liquidations were made over the past day. 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. About the author Yuri Molchan Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc. Related articles