Shiba Inu Burn Rate Surge: 2,500% Increase Amid Price Action

Shiba Inu Community Boosts SHIB Token Burn Rate: A Significant Rise

The Shiba Inu (SHIB) community is witnessing an impressive surge in the burn rate of SHIB tokens, according to reports from U.Today. In the last 24 hours, the burn rate has skyrocketed, achieving an astonishing 2,542% increase with a total of 68,170,710 SHIB tokens permanently removed from circulation.

The Recent Burn Spike

This recent rally in the burn rate is notable, particularly as the community closely watches SHIB's price attempts to break through the $0.000033 resistance level. The impressive burn was facilitated by several transactions, with two major transfers responsible for the bulk of the tokens sent to unspendable blockchain addresses. These transactions amounted to 53,423,510 SHIB and 14,742,910 SHIB, respectively.

Context of the Recent Burn Activity

This spike in burning activity follows a previous report from Shibburn, highlighting a phenomenal 144,045% increase in SHIB burns two days ago. During that period, 2,041,299,351 SHIB tokens were sent to dead wallets, including a significant transfer made by the founder of SquidGrow, @Shibtoshi_SG, who single-handedly transferred 2,020,624,700 SHIB.

In total, over the past week, the SHIB community has successfully burned a staggering 2,985,633,942 SHIB tokens.

Price Volatility Despite Burn Success

Despite the remarkable burn rate, SHIB's price movement has been quite volatile. In the past 24 hours, the cryptocurrency has faced a decline of around 8.55%, dropping from the resistance level of $0.000033 to around $0.000030. This decline follows a substantial 24% surge earlier this week between Tuesday and Thursday.

This marked the second attempt by SHIB to surpass the $0.000033 resistance level within a week, the first being during the weekend following a remarkable 24% increase. As of the latest update, Shiba Inu is trading at $0.00003014 per token.

Conclusion

The Shiba Inu community's concerted efforts to increase SHIB burns demonstrate their commitment to driving the token's value and scarcity. While the burn activity shows encouraging trends for token supporters, the accompanying price fluctuations reflect the inherent volatility of the cryptocurrency market.

For further details about cryptocurrency trends, consider checking out additional resources and articles linked below.