SHIB Burns Skyrocket 319,571% — What’s Happening?

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As an analyst with years of experience in the cryptocurrency market, I must say that the recent developments in Shiba Inu (SHIB) have caught my attention. The dedication and commitment shown by the SHIB community towards burning meme coins are truly commendable. The spike in burn rate, as high as 319,571%, is a testament to their determination and the potential of this project.

According to a notable crypto monitor, Shibburn, it’s been revealed that the committed Shiba Inu coin (SHIB) community continues to work diligently towards reducing the total supply of meme tokens in circulation.

Over the last day, the burn rate has significantly increased, reaching numbers in the millions, and approximately forty million Shiba Inu coins were transferred to a digital incinerator.

Burn rate spikes 319,571%

Earlier today, a tweet by Shibburn revealed an astounding surge of 319,571.27% in the burn rate of SHIB tokens. Simultaneously, the Shiba Inu community has successfully withdrawn 35,713,674 SHIB coins from circulation, permanently securing these tokens in wallets where they can no longer be spent.

Approximately 15.5 million, 11.2 million, and 8.8 million Shiba Inu meme coins were moved in the three largest transactions.

1-hour Shiba Inu (SHIB) Update:

— Shibburn (@shibburn) December 17, 2024

By examining the SHIB coin burns from the previous week, we notice that they fall into the negative zone, specifically at a decrease of approximately 94.31%. Yet, it’s important to note that the total number of SHIB coins destroyed is significantly larger, amounting to around 138,987,010 SHIB.

According to U.Today’s report, on Monday, an unidentified entity moved 20,035,968 SHIB tokens into an inaccessible wallet, essentially destroying them. This action is often referred to as burning the coins.

SHIB price unfazed by new Bitcoin record peak

On Monday, I witnessed an impressive milestone as the world’s top cryptocurrency, Bitcoin, hit a record-breaking high of $107,780. Typically, Shiba Inu (SHIB) has mirrored the price fluctuations of Bitcoin, but this time, the connection seems to have fizzled out for now.

Following a 22%-plus increase in price last week, Shib’s value has been trending horizontally with a slight downward slope since then. After falling from the $0.00002978 mark, Shib has been attempting to break through the resistance at $0.00002822, but has not managed to do so yet.

Today saw a modest 2% rise, and as a result, Shiba Inu, the second largest meme coin by market cap size, is currently trading at approximately $0.00002738 per unit.

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2024-12-17 18:01