The recent movements of the SHIB meme coin have resulted in a significant amount being permanently lost from the market. The burn rate of SHIB saw a drastic increase of almost two thousand percent in the past 24 hours, with over 20 million SHIB being burned. The price of SHIB has not been affected by Bitcoin's surge and has dropped by nearly 4%. The total amount of SHIB burned in the past week exceeds that of the past day by nine times. A total of over 410 trillion SHIB have been locked out of circulation so far. The SHIB community hopes that increasing the coin's scarcity will result in a higher price, but the burn rate depends on the level of activity on Shibarium.



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