SHIB Burn Rate Surges with 12.7 Million Shiba Inu Destroyed

SHIB Marketing Lead Challenges Critics

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.

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.

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.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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