Data shared by the Shibburn tracking platform unveils that, over the past day, the SHIB burn metric has demonstrated a substantial three-digit spike. Several tens of millions of meme coins have been kicked out of the circulating supply.

31,447,991 SHIB removed from circulating supply

The daily burn rate went up by 117.57% thanks to an aggregate burn of 31,447,991 SHIB meme coins. Two large transfers to unspendable wallets have made that achievement possible: 18,356,090 SHIB and 13,091,149 SHIB.

By now, thanks to the cumulative efforts of the SHIB community, out of the initial quadrillion supply 410,748,743,591,348 SHIB have been burned, i.e., permanently excluded from circulation. A total of 4,763,151,503,417 SHIB have been staked, and 584,488,104,905,233 SHIB remain in circulation.

Still, after the recent spike of market volatility and losing more than 12% over the past week, SHIB has retreated to 18th place on CoinMarketCap, with the market capitalization value currently standing at $8,300,579,781. So far, the second-largest meme cryptocurrency, SHIB, sits behind Toncoin (TON), Stellar (XLM) and Bitfinex’s UNUS SED LEO (LEO).

SHIB shows partial recovery

Since Friday, May 23, Shiba Inu has gone down deeply, shedding 12.11% after reaching a local intra-day peak of $0.00001586. On Thursday, it bottomed at $0.00001394 and before that, during the week, it went up and down a few times but still ended up at that price level.

On Thursday, SHIB went up by over 5% but today, SHIB was hit with another decline, going down by 1.6%. At press time, the meme coin is changing hands at $0.00001445.

On May 28, crypto trader and analyst Ali Martinez predicted that SHIB may log a 17% surge since it was forming a symmetrical triangle pattern and was ready to break out.