SHIB Burns Skyrocket 11,899% As Crypto Market Gains Large Momentum

The Shibburn tracker has revealed that over the past day, the SHIB burn metric has logged a five-digit increase with several tens of millions of meme coins sent out of circulation.

This sudden SHIB burn surge took place after the crypto market gained bullish momentum thanks to a new all-time high reached by Bitcoin.

Burn rate jumps 11,899%

The recent update published by the aforementioned source of data reveals that over the past 24 hours, the SHIB burn rate has spiked by an impressive 11,899% thanks to a large amount of meme coins burned this time cumulatively: 28,682,712 SHIB.

There have been three burn transactions today so far and they carried 15,106,880 SHIB, 6,466,388 SHIB, and 7,109,444 SHIB to unspendable blockchain wallets. The transactions were initiated by anonymous whales.

1,095,269,361 SHIB burned in last week

According to a weekly burn update published by the Shiba-Inu-affiliated X account “Shibarium Updates” (@Shibizens), over the last week, the SHIB team have managed to dispose of a massive meme token amount.

In total, 1,095,269,361 SHIB has been driven out of the crypto market and locked in dead-end wallets. These burns were conducted via the SHIB burn portal on the Shiba Inu website.

The two latest burns, registered there featured 14,993,658.85 SHIB (May 19) and 15,106,880.28 SHIB (May 21). As soon as another minimum amount of SHIB is collected from transaction fees on Shibarium, another burn will take place. So far 2,491,920.75 SHIB and 115.52 BONE have been collected to be burned later on.

Market gains momentum thanks to new Bitcoin ATH

On May 21, the largest digital currency by market capitalization, Bitcoin, registered a price jump as it finally reached the long-anticipated new all-time high. This time, BTC soared to $111,861.

The previous historic peak was smashed on January 20, with Bitcoin reaching $109,356 per coin. The current price surge took place as spot Bitcoin ETFs registered massive inflows ($329 million came in on Tuesday). Another trigger was the US Senate finally passing the stablecoin bill, removing a key procedural barrier for US crypto businesses and serving as a big bullish driver for the broader cryptocurrency market.

At press time, Bitcoin is changing hands at $110,484.