The Shiba Inu cryptocurrency is experiencing a remarkable 535% increase in its daily burn rate. In the past 24 hours, a total of 8,107,271 SHIB tokens were burned across eight transactions, marking a substantial rise compared to the previous day.
Over the course of the last week, a significant milestone has been reached, with more than a quarter-billion SHIB tokens burned. In the past seven days, a total of 259,383,545 SHIB tokens were burned through 66 transactions, as reported by Shibburn.
Shiba Inu Transaction Volume and Price Movement
In the past day, Shiba Inu witnessed a decrease in its transaction volume, which amounted to 2.62 trillion SHIB, as reported by IntoTheBlock. The Transaction Volume indicator calculates the total volume of on-chain transactions.
Within the recent 24 hours, large transactions worth 1.33 trillion SHIB were recorded. Large transaction volume, specifically involving transactions exceeding $100,000, often signifies significant activity by crypto whales.
At the time of writing, SHIB had risen by 1.7% in the last 24 hours, reaching a value of $0.000008. The cryptocurrency reattained the psychologically significant $0.000008 level, following a climb from its November 3 lows at $0.00000763.
Shiba Inu is currently positioned between its daily moving averages of 50 and 200. A break in either direction could determine the next market move. Bulls in the Shiba Inu community will be aiming to surpass the $0.000008.25 level to maintain the upward trajectory, with a potential target of $0.000011.34.
Alerts Regarding Fake Sites and NFT Drops
Shibarmy Scam Alerts have issued a warning to the Shiba Inu community about the emergence of more fake websites and NFT drops. These deceptive platforms request users to connect their crypto wallets and claim cash. Shiba Inu holders are strongly advised to verify website URLs and exercise caution by refraining from connecting their crypto wallets until conducting thorough research.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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