Zero SHIB Burned in 24 Hours – What's Going On?

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According to the Shibburn meme wallet tracker, over the past 24 hours, the SHIB community has not advanced the burning of its favorite meme coin. The data source shows zero Shiba Inu coins scorched, with a minus 100% reading of this metric.

Zero SHIB destroyed in 24 hours

On Oct. 23, slightly more than 27 million Shiba Inu were transferred to unspendable blockchain addresses in three transactions. On that day, the Shiba Inu burn rate soared by an impressive 6,750%. Since then, not a single meme coin has been burned by the SHIB community.

The most likely explanation is a glitch in the Shibburn tracker. However, zero burn data does emerge on it from time to time. Etherscan shows that the last burn transfer was made from the OKX exchange, and it carried 385,991 SHIB to a dead-end wallet.

By now, according to the Shibburn website, the Shiba Inu team and community together have managed to dispose of 410,731,242,840,773 SHIB. Roughly 400 trillion from it was burned by the Ethereum headliner and cofounder Vitalik Buterin, who received this amount of meme coins from the mysterious SHIB founder, Ryoshi, in 2021, and then burned almost all of it in May. He sent the rest of those SHIB to an Indian crypto fund to help fight the pandemic.

Image via Shibburn

A total of 583,560,171,894,707 SHIB remain in circulation, the website confirms. Earlier this year, as a result of a major update, the Shiba Inu team launched a mechanism that allows burning SHIB coins in automated mode. As soon as users conduct a certain amount of transactions on Shibarium and a necessary minimum of BONE has been saved from fees, that BONE gets automatically converted into Shiba Inu and transferred to “inferno” wallets, where it gets locked forever.

SHIB strives to recover after recent plunge

Over the last day, the second biggest meme cryptocurrency by market capitalization value, SHIB, has staged an increase of more than 3% in an attempt to recover after the massive decline it has seen recently. However, today, the 3.6% increase was nullified by a 1.59% fall.

Between Saturday, Oct. 19, and Wednesday, Oct. 23, the popular canine-themed cryptocurrency lost more than 10%, falling from $0.00001935 to the $0.00001731 value. At the time of this writing, SHIB is changing hands at $0.00001765 per coin.