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Popular within the SHIB community tracking platform Shibburn has reported a massive surge in the SHIB burn rate noticed within the period of the last 24 hours. This metric now shows a five-digit reading with more than ten million meme coins destroyed over that period.

This enormous increase in the burn rate took place despite a drastic 15% decline in the SHIB price since last morning.

SHIB burns skyrocket

The above-mentioned data source has shared that the SHIB community has transferred a staggering number of SHIB coins to unspendable blockchain wallets – 12,047,795 SHIB in total. This helped to give a massive rise to the SHIB burn metric – 12,842.37% as shared in the recent report.

There have been seven burns within the last 24 hours so far with the first one made 24 hours ago and the last one performed three hours ago. The three largest transfers, which destroyed nearly all the 12.8 million SHIB, carried 5,072,279, 5,078,720, and 1,000,000 SHIB to “inferno” wallets. The first two transactions were made from the same unidentified wallet.

On Monday, this metric showed a plunge of more than 62% with less than 100,000 SHIB burned overall.

SHIB bearish market performance

Within the past 24 hours, the second largest meme cryptocurrency in terms of its market value, Shiba Inu, has seen an astounding plunge of 15.77%, dropping heavily from $0.00002096 to the $0.00001765 price level.

The largest part of this dip was seen in the form of a massive single red candle on an hourly chart which pushed SHIB down by 7.77%. After that, a small rebound followed and SHIB managed to add 3% and regain the $0.00001825 price tag.

SHIB insider shares Shytoshi Kusama's message

As reported by U.Today, on Monday, a representative of the SHIB team Lucie shared a message from the enigmatic lead of the team – Shytoshi Kusama – while talking positively about the SHIB team building the future together with users and those who are building on Shibarium.

She quoted Kusama, who stated that after the moat to protect the castle was built, now they are building the castle itself. Lucie also revealed that the SHIB team is eyeing collaborations with several big players in the cryptocurrency space.

“There is so much more to come,” Lucie unveiled.