SHIB Burns Skyrocket on All Time Frames: What’s Happening?

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As a seasoned analyst with over two decades of experience in the cryptocurrency market, I must admit that the recent surge in Shiba Inu (SHIB) burn rates and the subsequent volatility in its price has piqued my interest. The data shared by the Shibburn tracker suggests that the SHIB army is burning an impressive amount of meme coins, which could potentially lead to a decrease in total supply, thereby increasing the value of remaining tokens.

According to data from the Shibburn tracker, this metric has significantly surged, not only over the past day but also in the past week. The Shiba Inu community has been actively selling off large quantities of meme tokens recently.

Daily and weekly SHIB burns soar

Based on a recent tweet from the specified data source, the rate at which SHIB tokens were destroyed (burn rate) increased by approximately 129% in the last 24 hours, resulting in the elimination of around 5,771,537 SHIB tokens. Interestingly, the Shibburn website indicates that only two transactions related to burning occurred within this timeframe, with amounts of 2,500,000 and 3,271,537 SHIB being transferred to “inferno” wallets.

Regarding weekly burn rates, there’s also a significant increase, as this figure has soared by an astounding 1,756.24%. Over the last week, approximately 328,816,821 SHIB meme coins were moved to wallets that can no longer be spent, according to the tweet.

HOURLY SHIB UPDATE$SHIB Price: $0.00001885 (1hr 0.80% ▲ | 24hr 3.40% ▲ )
Market Cap: $11,127,861,055 (3.55% ▲)
Total Supply: 589,268,801,082,936

TOKENS BURNT
Past 24Hrs: 5,771,537 (128.32% ▲)
Past 7 Days: 328,816,821 (1756.24% ▲)

— Shibburn (@shibburn) October 18, 2024

This week’s Shiba Inu (SHIB) price fluctuations can be linked to the recent spikes in burning activities, as SHIB has experienced both substantial decreases and increases.

SHIB price falls after 8.49% surge

Over the past seven days, Shiba Inu, the second-largest meme cryptocurrency, has experienced significant fluctuations. Yesterday, it saw a remarkable increase of around 8.5%, jumping from $0.00001769 to $0.00001916. However, this upward trend has been briefly halted today as the coin has dipped by approximately 3.3%.

This week, SHIB has been consistently attempting to surpass the resistance level at 0.00001872, but following three significant attempts, it has been pulled back. Currently, the meme coin is being traded at approximately 0.00001878 dollars per unit.

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2024-10-20 17:49