The Shiba Inu community is going all out to burn SHIB tokens, and they’re on a roll after a highly successful campaign last week. Now, they’re incinerating even more SHIB in what might be the biggest increase in burn rate since the beginning. It’s a frenzy of token burning in the Shiba Inu community!
In just one day, Shiba Inu made a remarkable move by burning a whopping 8.35 billion SHIB tokens. This not only stands out as one of the largest token burns in a single day but has also set off one of the community’s biggest increases in burn rate. It’s a significant event for the Shiba Inu community!
SHIB burn rate explodes | Source: Shibburn
Shiba Inu Burn Surge: 7.6 Million Percent Spike in 24 Hours
Shibburn data has revealed a staggering 7.6 million percent surge in the Shiba Inu burn rate, fueled by an extraordinary burn of 8.35 billion SHIB tokens within a 24-hour period. Notably, a singular address, identified as “0xc7d0455” and linked to Shiba-swap.eth (Shiba Inu: Deployer 2), took charge of the majority of this burn, sending a total of 8,241,856,589 tokens to the SHIB burn address.
This significant burn event, equivalent to over $74,000 in token value, contributed to a total burn exceeding $75,000 in the last 24 hours. The implications are substantial, propelling a remarkable 2,564% increase in the weekly SHIB burn rate, with over 8.5 billion tokens incinerated in the past seven days. The Shiba Inu community is now abuzz with questions surrounding the driving forces behind this unprecedented surge in token burns.
HOURLY SHIB UPDATE$SHIB Price: $0.00000897 (1hr -1.23% ▼ | 24hr -5.44% ▼ )
Market Cap: $5,282,688,364 (-2.38% ▼)
Total Supply: 589,328,318,580,484TOKENS BURNT
Past 24Hrs: 8,349,329,301 (7686774.46% ▲)
Past 7 Days: 8,576,583,242 (2564.83% ▲)— Shibburn (@shibburn) December 5, 2023
SHIB begins to recover | Source: SHIBUSD on Tradingview.com
Shiba Inu Burn Surge Contrasts with Price Decline
Despite the explosive increase in the burn rate over the past day, the Shiba Inu price has taken a downturn. After an initial strong performance earlier in the week, where it reached a peak of $0.0000094, the meme coin’s value began retracing.
Currently, the SHIB price is experiencing nearly a 5% dip, struggling to maintain levels above the $0.000009 resistance. This poses a challenge for bulls, as they face another uphill battle to surpass this critical level. The struggle intensifies in pushing the price from $0.0000089 to $0.00001.
In addition to the price decline, the Shiba Inu daily trading volume has witnessed a notable 31.2% drop within the same timeframe, indicating a diminishing interest in the token. Absent a resurgence in investor sentiment, it appears likely that the SHIB price may continue its descent from this point onward.
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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