SHIB Burn Rate Jumps 515.33% – Will Price Follow Suit?

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As a seasoned analyst with years of experience observing the cryptocurrency market, I must admit that I find the recent activities surrounding Shiba Inu (SHIB) quite intriguing. The sudden surge in the burn rate by an astounding 572.29% is reminiscent of a massive pyre lit by the SHIB army, burning their tokens into the digital furnace.

The widely used tracking system for transactions known as Shibburn recently disclosed that, since this morning, the community supporting SHIB has been consistently sending their meme tokens to wallets with no outgoing transactions, effectively burning them.

1) Over the past 24 hours, their activities have led to a substantial increase in the daily expenditure rate. Meanwhile, the value of the second most popular meme cryptocurrency, Shiba Inu, has made an effort to break beyond its current level but was unable to surpass the resistance at $0.00002888.

Burn rate jumps by 515%

According to the previously mentioned source, data shows that overnight there was a staggering 572.29% increase in SHIB burn rate. This means that approximately 72,847,617 SHIB tokens are now locked and cannot be spent. The largest single transaction, which happened around an hour ago, involved 70,605,175 SHIB coins being sent to a “inferno” wallet. The second largest transfer, occurring 22 hours ago, consisted of 1,724,757 SHIB tokens, as tracked by Shibburn.

Over the last week, the trend in our burn rate seems less promising. A recent Shibburn post indicates that within the last seven days, a staggering 94 million SHIB tokens have been transferred to empty wallets by the community.

Most burns have historically been carried out by SHIB users, but more recently, a number of emerging cryptocurrency projects have entered the scene and started burning billions of dollars’ worth of SHIB to assist.

According to the developers of SHIB, approximately 400 million Shiba Inu coins are moved to inaccessible blockchain locations each month.

SHIB price performance

Although the spending rate of the popular meme cryptocurrency has significantly risen, its price has yet to match this trend.

In simpler terms, the price of Shiba Inu (SHIB) has increased by approximately 4%, reaching a potential resistance level of $0.00002888. However, it subsequently pulled back and is currently trading at $0.00002848 as this article is being written.

Despite some potential challenges, it’s worth noting that since December 10, the Shiba Inu has experienced an impressive surge of over 17%.

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2024-12-14 11:47