Shiba Inu Burn Rate Spikes Over 2,700% Despite Market Slowdown
December 30 2023 - 5:50AM
NEWSBTC
Shiba Inu’s price action has been on a consolidation activity since
the beginning of the week. However, the Shiba Inu community has
ramped up SHIB burn activities in the past 24 hours, pushing the
burn rate up by more than 2,700%. What this means is that SHIB
holders have been sending large amounts of the meme coin to
unrecoverable wallets, reducing the total supply amidst efforts to
push the price up. Related Reading: LUNC Plunges 14% As SEC
Scores Knockdown Blow Vs. Terraform Labs Shiba Inu Burn Rate
Skyrockets In 24 Hours Amid SHIB Decline SHIB tokens are normally
burned sporadically, and any investor can burn tokens by sending
them to any of the three SHIB burn addresses. Members of the Shiba
Inu team have increased sensitization efforts in recent months to
increase the burn rate of community members. According to
information obtained from the official SHIB burn tracker,
Shibbburn, the Shiba Inu burn wallets have witnessed an influx of
burn transactions in the past day. These burns came in from four
major transactions, with the highest being 13,140,241 SHIB tokens
burned in one go from address “0xa034”. As a result, the SHIB burn
rate spiked by a whopping 2,752% with more than 14.8 million SHIB
incinerated in total. This is in stark contrast with the previous
day’s figures which came out at around 2.5 million SHIB tokens sent
to the burn addresses. The Shiba Inu team has been particularly
active with SHIB burns, burning a total of 33.8 billion tokens in
four transactions this month. In all these, the SHIB community has
removed 410.69 trillion tokens from the initial SHIB token supply.
At the time of writing, Shiba Inu’s circulating supply stands at
581 million tokens. SHIB market cap currently at $6.146 billion.
Chart: TradingView.com SHIB Trades In Tight Range SHIB, on the
other hand, has been trading inside a narrow price range for
approximately a week now, with the upper resistance of $0.000011
and the support of $0.00001067 serving as the two main points of
contention. There has been a relative lack of reaction to token
burns this week, as the cryptocurrency is currently trading at
$0.00001054, which is a decrease of 1.5% over the past seven days.
According to data from IntoTheBlock, 37.26% of addresses are in
profit at the current price, compared to 42% profitability last
week. Related Reading: Can BSV Hold Its New 2023 Peak? Analysts
Watch As Trading Volume Explodes A larger 30-day timeframe shows
SHIB has mostly reacted positively to the team’s large token burns.
The second burn of 8.6 billion SHIB saw the crypto go on a strong
spike lasting a few days which pushed its price to $0.00001165 on
December 17. Despite the recent correction this week, the token is
still holding on to 28.53% of its monthly gain. Featured
image from Freepik
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