U.Today - Data shared by the popular Shibburn tracking platform shows that over the past day, the Shiba Inu community has destroyed a large amount of SHIB coins, pushing them out of the circulating supply.

This has aligned with a substantial SHIB price surge over the past 24 hours.

SHIB burns spike 1,028%

The aforesaid data source shared that the SHIB community has succeeded in disposing of 20,633,494 SHIB since yesterday morning, taking five transactions to achieve that result. The largest one, which burned nearly all of the announced amount, carried 19,443,692 SHIB out circulation, locking it in an unspendable wallet for good.

As for the weekly burns, over the past seven days, the community has scorched 93,273,100 SHIB with a minus 8.92% decline.

SHIB price soars 9%

While the past day has been rich in burns, which are supposedly driving the SHIB price closer to an ultimate spike toward $0.01, over the past 24 hours, a price surge has taken place indeed. It was not huge, but the meme coin managed to rise by roughly 9%, soaring from $0.00001162 to the $0.00001267 price level.

That was the first increase the meme coin has shown since Friday; between Friday and today, it has plunged by almost 15%. SHIB has followed in the footsteps of the world’s bellwether cryptocurrency, Bitcoin , which went up by 4% today, reaching $83,200 per coin after an 11.26% drop since Friday. The cryptocurrency market has been reacting to the recent announcement of no planned Bitcoin purchases for the newly established Strategic Bitcoin Reserve so far. The crypto community’s expectations have been dashed.

Meanwhile, since the start of the year, SHIB has dropped to 18th place on the CoinMarketCap scale, edging closer to getting out of the top 20 list. SHIB’s market capitalization at the moment stands at $7.4 billion.

This article was originally published on U.Today