Recent data reveals that the SHIB community has been actively burning Shiba Inu meme coins. According to reports from the Shibburn team, within the last 24 hours, a significant amount of meme coins has been transferred to “inferno” wallets, effectively burning them with no possibility of retrieval.
Meanwhile, despite a recent drop in price, the SHIB token has shown signs of recovery, coinciding with a festive tweet from the mysterious SHIB leader, Shytoshi Kusama.
SHIB Community Burns Over 87 Million Tokens in Latest Effort
A recent report indicates that the SHIB community, comprising both individuals and entities, has been actively involved in burning Shiba Inu tokens. Since yesterday morning, a total of 87,760,994 SHIB tokens have been transferred to unspendable blockchain wallets.
These burning activities have contributed to a remarkable increase in the overall SHIB burn rate, reaching an impressive surge of 48,554.74%. Notably, there have been two significant burn transactions, involving 61,908,927 SHIB and 25,852,066 SHIB, respectively. Both transfers occurred approximately 17 to 18 hours ago.
Image via Shibburn
Earlier this week, the SHIB community also achieved a significant milestone in burning tokens. On April 9, the burn rate spiked by 1,344%, resulting in the permanent removal of 135,451,536 SHIB tokens from circulation.
Shytoshi Kusama Engages with SHIB Community on X Platform
The pseudonymous lead developer of Shiba Inu, Shytoshi Kusama, recently broke his silence on the X social media network to address the SHIB community.
In his message, Kusama expressed that he has been diligently working and nearly forgot to extend season’s greetings to the expansive SHIB community worldwide. He wished everyone a happy Easter, acknowledging the various religious celebrations such as Passover, Eid, and Gudi Padwa/Ugadi.
Woof! Come say hi in Dubai. While I'm at it, since I've been pretty quiet working like a dog, HAPPY HOLIDAYS (EASTER, PASSOVER, EID, & GUDI PADWA/UGADI)! https://t.co/IkngRphWxW
— Shytoshi Kusama™ (@ShytoshiKusama) April 10, 2024
Moreover, Kusama extended an invitation to SHIB users and developers on Shibarium to join him in Dubai for the Blockchain Life Forum on April 16. He encouraged them to meet the SHIB representatives attending the event.
SHIB Struggles to Break Key Resistance Level
This week, Shiba Inu (SHIB), the second-largest meme cryptocurrency, has been making efforts to surpass the crucial resistance level of $0.00002950. Despite reaching this level twice, SHIB failed to close at it. Additionally, between Tuesday and Wednesday, the asset experienced a significant decline of 10.5%.
However, within the past 24 hours, SHIB has managed to recuperate half of its losses, recording a 5.85% increase. Currently, it is trading at $0.00002801.
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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