U.Today - Popular cryptocurrency tracker Shibburn has spread the word about a large number of SHIB meme coins that have been pushed out of circulation over the past day.

It happened as the price of the second-most popular meme cryptocurrency, SHIB, is striving to recover after a recent 34% crash.

SHIB burns soar 577%

A tweet published by the aforementioned data platform earlier in the day shows that, over the past 24 hours, the joint efforts of the Shiba Inu global community have helped them to rid of 18,760,236 SHIB by transferring them to unspendable wallets to be locked there for good.

Those several burn transactions have propelled the daily SHIB burn rate by an impressive 577.7%.

The largest crypto lumps burned by the community this time contained 12,673,906 and 5,000,000 SHIB.

The weekly burn rate has seen a much bigger spike — roughly 7x the daily one. According to the same tweet, over the past seven days, the meme coin’s community burned a mind-blowing 1,179,204,442 SHIB, a 3,551.42% surge in the burn rate.

Almost all of those meme coins were burned in a single transfer of 1,000,000,000 Shiba Inu to a dead-end wallet. The burn was performed by the “Shib: Deployer 2” wallet on the Ethereum chain, and it coincided with the rollout of a major new SHIB burn portal called ShibTorch V2.

SHIB price strives to break out

Over the past day, the price of the popular meme cryptocurrency, SHIB, has attempted to break out after a few massive plummets that have taken place this week. Over the past 24 hours, SHIB has printed an increase of 7.74%, rising from $0.00001528 to $0.00001646. The whole cryptocurrency market has turned green once again this week.

Over the weekend, SHIB, following the trajectory of the largest cryptocurrency, Bitcoin , crashed by roughly 34%, bottoming at $0.00001293 on Monday. That was followed by a 30% rise as the U.S. government put the 25% trade tariffs on imports from Canada and Mexico on hold for a month. However, since the U.S. also introduced 10% tariffs against Chinese goods, China responded with a similar measure and Bitcoin tanked once again, losing the $100,000 mark. SHIB and the rest of the market followed suit, and the meme coin dropped by almost 10%.

This article was originally published on U.Today