According to a recent tweet published by the Shibburn tracking platform, the SHIB burn metric has demonstrated a collapse on both the daily and weekly time frames.
However, prior to that, as 2026 began, another important Shiba Inu index had plummeted, making SHIB lag behind such top market cap meme coins as PEPE and FLOKI.
SHIB burns collapse on all time frames
The aforementioned data source revealed that over the past 24 hours, the SHIB burn rate went down by 12.73%, with a total of 1,319,354 meme coins transferred to unspendable wallets and locked out of circulation.
The same tweet announced that things stand even worse on the weekly time frame. Over the past week, the SHIB burn rate collapsed by 82.12% as 34,819,938 SHIB coins were torched as a result of the joint efforts of the Shiba Inu community.
By the start of 2026, a total of 410,754,186,675,427 SHIB had been destroyed, with 585,389,093,769,117 SHIB remaining in circulation. SHIB is currently changing hands at $0.00000868, after the 14% decline faced over the past three days.
SHIB loses to PEPE and FLOKI by whale transactions
In a recent report, on-chain data company Santiment pointed out that over the past seven days, the second-largest meme cryptocurrency, Shiba Inu, has dropped to the very bottom of major meme coins in terms of large whale transaction growth.
Currently, SHIB sits in 10th place, with an only 111% increase in whale transfers worth more than $100,000. First place has been taken by Floki (on Ethereum) with 950% growth. It was followed by PEPE, with an increase equal to 620%.
FLOKI (on the BNB chain) has taken third place, showing growth of 550%. Over the past few months, SHIB has dropped to 25th place on the CoinMarketCap scale, while Dogecoin remains on the top 10 list, in ninth place.
Despite this, the situation on the meme coin market looks good in general. A recent CryptoQuant report says that meme coins are “rising from dead” and might be on the verge of a “massive meme coin season.”
The report looks at the current value of the ratio of the market capitalization of top altcoins and major meme coins. The last time the current level was reached signified the upcoming beginning of a new season of meme-themed cryptocurrencies.
