The SHIB army continues efforts to reduce the circulating supply of meme coins. Over the past 24 hours, they burned 12,702,169 SHIB coins, driving the burn rate up by 570%. Although this amounts to only $331.02 in fiat, it signifies a substantial daily contribution by the SHIB community.
To date, the community has transferred a total of 410,726,436,823,094 SHIB to unspendable blockchain wallets. The recent surge in the daily burn rate, which spiked by 569.98%, was due to the overnight burn. There have been seventeen burn transactions so far, with the largest being 3,081,664 SHIB, 2,126,681 SHIB, and several transactions of 1,000,000 SHIB sent to dead-end addresses.
HOURLY SHIB UPDATE$SHIB Price: $0.00002578 (1hr 0.21% ▲ | 24hr 0.97% ▲ )
— Shibburn (@shibburn) May 22, 2024
Market Cap: $15,164,553,549 (0.78% ▲)
Total Supply: 589,273,563,176,905
TOKENS BURNT
Past hour: 9,227 (1 transaction)
Past 24Hrs: 12,702,169 (569.98% ▲)
Past 7 Days: 40,412,565 (-71.81% ▼)
Weekly Burn Levels And Circulating Supply
Over the past week, the SHIB burn level saw a major decrease of 71.87%, with 40,412,565 SHIB removed from the circulating supply. Currently, 589,273,563,176,905 SHIB remain in circulation within the vast and diverse cryptocurrency market.
Related article: Shiba Inu Targets $0.0001553: Analyst Forecasts Major Upswing
Meanwhile, SHIB, the second-largest meme cryptocurrency by market capitalization, continues to trade within a range. It strives to break out, facing strong support at $0.000022 and resistance at $0.000026. Despite multiple attempts to surge above and maintain this resistance level, it has faced challenges.
Related article: Shiba Inu (SHIB) Whales Show Signs of Increased Activity
SHIB Price Volatility And Recovery
Over the past week, SHIB experienced significant volatility with several price fluctuations. In the last 24 hours, the asset increased by more than 6%, rising from $0.00002515 to $0.00002628. However, a pullback occurred, dropping the price by 5.17% to $0.00002548. SHIB has since recovered 2.53% and is currently trading at $0.00002613.
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According to the Shibariumscan explorer, there has been a notable increase in transaction volume in recent days. On May 14, transaction count dropped to 6,000 but soared by 209.33% on May 20, reaching 18,560 transactions. Currently, this metric stands at 10,900, indicating increased activity within the SHIB network.
