SHIB Torches 324 Million Tokens in One Week With 1,020% Burn Rate Surge

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As a seasoned researcher with years of experience in the cryptocurrency market, I have to admit that the recent surge in Shiba Inu (SHIB) is nothing short of remarkable. The impressive burn rate and subsequent deflationary impact on the token’s supply has caught my attention.

Over the last seven days, Shiba Inu (SHIB) has experienced a remarkable surge, with several crucial aspects escalating. One significant aspect is the burn rate, which functions as a deflationary measure and contributes to reducing the token’s total supply. At this moment, the burn rate of the meme coin continues its upward trend from the previous week.

Shiba Inu bullish burn outlook

As a researcher, I’ve observed an impressive surge in the Shiba Inu burn rate. According to data from Shibburn, this increase amounts to a staggering 389% within the last 24 hours. This translates to approximately 6,314,537 SHIB tokens being transferred to inactive wallets during this period.

Over the past week, the SHIB burning rate has been high enough to support a stable price increase. When viewed over a longer period, such as a week, the burn rate appears particularly favorable according to Shibburn data.

HOURLY SHIB UPDATE$SHIB Price: $0.00001899 (1hr 0.44% ▲ | 24hr 1.76% ▲ )
Market Cap: $11,182,256,142 (1.73% ▲)
Total Supply: 589,268,785,053,399

TOKENS BURNT
Past 24Hrs: 6,314,537 (389.36% ▲)
Past 7 Days: 324,982,323 (1020.25% ▲)

— Shibburn (@shibburn) October 21, 2024

During this timeframe, the value has skyrocketed by 1,020%, burning a staggering 324,982,323 SHIB tokens over a span of seven days. This significant burn rate underscores several key aspects about Shiba Inu. Firstly, it demonstrates the dedication of its community members towards reducing the coin’s circulating supply. Secondly, it indicates that even amidst broader market fluctuations, SHIB can rely on this burn rate as a distinctive benchmark of its performance.

With the burn rate surge, the impact on the price has remained visibly positive.

SHIB price eyeing new resistance

Based on information from CoinMarketCap, Shiba Inu’s price climbed up by approximately 1.48% within a 24-hour period, reaching $0.00001903. Over the past seven days, this token has surged by around 5.23%, suggesting its relative stability.

Based on the recent Shiba Inu (SHIB) boost and its burn rate, there’s a possibility that the token could surpass the resistance at $0.00002. This significant hurdle has proven challenging for the token over the past month. Yet, with the Uptober rally gaining momentum and new product developments by the team, SHIB could experience substantial growth in the upcoming weeks.

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2024-10-21 13:16