SHIB Burns Soar 2,542%, Will Price Follow Suit?

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As a seasoned crypto investor with a knack for spotting trends and a portfolio that includes a diverse range of digital assets, I must admit, the recent surge in Shiba Inu’s burn rate has piqued my interest. Over 2,500% increase in the burn rate within 24 hours is nothing short of astonishing! It’s like watching popcorn pop in a microwave – it’s exhilarating and unpredictable.

According to a recent tweet from the Shibburn data monitor, the Shiba Inu community has successfully increased the burning rate substantially over the last day.

This week, everyone in the Shiba Inu (SHIB) community has kept a close watch on the currency’s price action, hoping it will surpass the $0.000033 resistance level yet again.

Burn rate jumps 2,542% 

Yesterday, it was found that the burn rate for the mentioned platform surged significantly, exceeding 2500% and eliminating approximately 68 million Shiba Inu meme coins from the current circulation.

53,423,510 and 14,742,910 Shiba Inu tokens were moved to irreversible blockchain addresses in two separate transactions as part of the total amount burned across multiple transactions.

1-hour Shiba Inu Update:

— Shibburn (@shibburn) December 6, 2024

Two days ago, I was thrilled to learn about an extraordinary increase in Shiba Inu (SHIB) burns, as this metric skyrocketed a staggering 144,045%. This incredible surge resulted in 2,041,299,351 SHIB being moved to inactive wallets. The grand total of SHIB burned in a single transfer was an impressive 2,020,624,700, courtesy of @Shibtoshi_SG, the founder of SquidGrow crypto.

In summary, for the past week, approximately 2.98 billion SHIB meme tokens have been collectively offloaded by the Shiba Inu community.

SHIB price performance

In the last day, the second most well-known meme-based cryptocurrency, SHIB, has experienced a drop of approximately 8.55%, moving from $0.000033 down to $0.000030. This dip followed a nearly 24% rise in SHIB earlier this week, taking place between Tuesday and Thursday.

Over the past week, Shiba Inu made a second attempt to surpass its previous resistance of $0.000033. Remarkably, it touched this level during the weekend, following an impressive 24% surge.

At writing time, Shiba Inu is changing hands at $0.00003014 per coin.

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2024-12-06 15:41