Shiba Inu Burn Rate Soars 2,700% in 24 Hours

Despite the recent price consolidation, the Shiba Inu community has significantly increased SHIB burn activities in the last 24 hours. This spiked the burn rate by over 2,700%.

The 2,700% surge indicates that SHIB holders are actively reducing the circulating supply. This is done by sending substantial amounts of the meme coin to irretrievable wallets to boost the token’s value.

Shiba Inu Burn Rate Surges Amidst SHIB Downturn

Typically sporadic, SHIB token burns are now on the rise. Any investor can contribute by sending tokens to the three SHIB burn addresses.

The Shiba Inu team has recently intensified awareness efforts to boost community participation in burning. According to data from the official SHIB burn tracker, Shibbburn, the past day has substantially increased burn transactions.

Four significant transactions, including one massive burn of 13,140,241 SHIB tokens from address “0xa034.” This resulted in a remarkable 2,752% spike in the SHIB burn rate, totalling over 14.8 million SHIB incinerated. This contrasts significantly from the previous day’s figure of around 2.5 million SHIB tokens sent to burn addresses.

The Shiba Inu team’s active involvement is evident, with 33.8 billion tokens burned in four transactions this month alone. The SHIB community has successfully eliminated 410.69 trillion tokens from the initial SHIB token supply.

Currently, Shiba Inu’s circulating supply stands at 581 million tokens.

SHIB Holds Steady in a Narrow Range

Over the past week, SHIB has maintained a tight trading range, hovering between the key resistance at $0.000011 and support at $0.00001067. Despite increased token burns, there has been limited market response.

SHIB is currently trading at $0.00001054. It has experienced a 1.5% decline in the last seven days.

According to IntoTheBlock data, 37.26% of addresses are currently profitable, down from 42% the previous week. Examining a broader 30-day perspective, SHIB has generally responded positively to significant token burns by the team.

The second burn, involving 8.6 billion SHIB, triggered a robust price spike, reaching $0.00001165 on December 17. Despite this week’s correction, the token retains 28.53% of its monthly gains.

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.