SHIB Burns Jump 108% With Price on Verge of Breakout – Here’s Major Nuance

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As a seasoned crypto investor with a decade of experience under my belt, I must admit that the recent surge in SHIB burn rate has piqued my interest. A 108% rise in weekly burns is certainly an encouraging sign for any cryptocurrency, especially one as popular as SHIB. However, it’s essential to remember that these statistics alone do not guarantee a price increase.

According to data from the widely-used tracking service Shibburn, there’s been a significant 108% increase in the rate at which Shiba Inu (SHIB) tokens are being destroyed recently. Yet, it’s worth noting that this positive development comes with a caveat: approximately 100 million SHIB meme coins have been burned in total, but… there appears to be a hitch.

Lately, there have been multiple attempts to escape from a slump, and Shiba Inu (SHIB) has made an effort over the past day to recoup some of those losses, rising by about 2%. This recent upswing amounts to approximately 3.15% since Friday.

Weekly burns spike 108%

According to Shibburn’s latest tweet, there’s been an enormous 108.73% increase in the weekly burn rate for the second-largest meme cryptocurrency, SHIB. In the past week alone, a significant number of 95,442,500 SHIB have been moved to addresses on the blockchain that cannot be spent.

Currently, our daily burn rate isn’t looking great. It’s decreased by a significant 74.88%, placing it in what we call the “red zone.” This decrease results in a much lower impact – just around 9.76 million SHIB tokens being destroyed, which is nearly ten times less than before.

HOURLY SHIB UPDATE$SHIB Price: $0.00001712 (1hr 0.20% ▲ | 24hr 0.83% ▲ )
Market Cap: $10,075,404,437 (0.75% ▲)
Total Supply: 589,268,689,236,397

TOKENS BURNT
Past 24Hrs: 9,762,549 (-74.88% ▼)
Past 7 Days: 95,442,500 (108.73% ▲)

— Shibburn (@shibburn) October 28, 2024

As per data from Shibburn’s site, a single burn transaction occurred today and no other has been recorded yet. Interestingly, last Sunday saw a similar occurrence where one transaction transferred 16,402,650 SHIB into an inactive wallet.

According to U.Today’s report, there was an astonishing surge of approximately 65,529.67% in the given SHIB metric last Friday.

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2024-10-28 18:40