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Data shared by the popular tracking platform Shibburn has revealed that the SHIB burn rate has shown an impressive 108% rise recently. However, there is a catch in this good news, despite nearly 100 million SHIB meme coins being torched in total.

This has coincided with several consecutive attempts to break out recently. Over the last day, SHIB has attempted to pare its recent losses and rose by less than 2%. The overall price surge since Friday constitutes 3.15%.

Weekly burns spike 108%

Per a recent tweet published by Shibburn, the weekly burn rate of the second largest meme cryptocurrency, SHIB, has demonstrated a massive surge of 108.73%. Over the last seven days, a substantial amount of 95,442,500 SHIB has been transferred to unspendable blockchain addresses.

Meanwhile, the daily burn rate has not been doing so well, as it is down 74.88% in the red zone with an almost tenfold smaller outcome - 9,762,549 SHIB destroyed.

According to figures shown by the Shibburn website, there has been only one burn transfer today so far. On Sunday, there was also just a single transaction, which moved 16,402,650 SHIB to a dead-end wallet.

As reported by U.Today, last Friday, this SHIB metric witnessed a jaw-dropping increase of 65,529.67%.