During a period of significant market decline, the dog-themed cryptocurrency Shiba Inu experienced an extraordinary 64,201% increase in its burn rate.
This surge resulted in a staggering 657 million SHIB tokens being permanently removed from circulation.
Shiba Inu Burns Over 657 Million Tokens Amid Market Downturn
According to Shibburn X data, a remarkable 657,148,384 SHIB tokens were burned in the past day across eight transactions, amounting to approximately $13,878.
In the past 24 hours, there have been a total of 657,148,384 $SHIB tokens burned and 8 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/wOxiohx4So
— Shibburn (@shibburn) April 14, 2024
A massive burn of 650 million SHIB tokens, sending them to inactive addresses, drove a significant spike in burn activity. This coincided with a widespread decline in the cryptocurrency market, marked by substantial losses across various digital assets.
Although the burned SHIB tokens represent only a fraction of the total supply, originally set at a quadrillion, the 657 million SHIB burned marks a notable increase in burn rate, possibly one of the largest in recent weeks.
Currently, SHIB is trading down 5.84% over the past 24 hours, reaching $0.0000227, mirroring the broader crash in the crypto market. According to IntoTheBlock’s data, Shiba Inu is working to maintain a critical range of 51 trillion SHIB, spanning from $0.000022 to $0.000025. If this range is maintained, resistance could be encountered in the $0.000025 to $0.000030 range, while losing this support might lead to anticipated support levels in the $0.000019 to $0.000022 range.
Alert: Shiba Inu Community Warned About Fake Telegram Groups
The Shiba Inu community has been alerted by the “Shibarmy scam alerts” handle about fake groups on Telegram posing as genuine channels. These imposters use various tactics to trick users, like offering special content, giveaways, investment opportunities, or fake promises to fix transaction problems.
To stay safe from potential scams, Shiba Inu holders should double-check if channels are official, be cautious with suspicious links, and avoid sharing personal wallet details in public chats.
It’s also important not to rush for help, stay calm, and verify responses from trusted community members before acting on them.
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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