SHIB burn rates now soars by 936%, which has lead to a very unexpected price reaction within the market.
Recent data from the Shibburn tracking platform reveals a remarkable increase in the rate at which Shiba Inu (SHIB) meme coins are being removed from circulation.
This development highlights the active engagement of the SHIB community in reducing the token supply, even as the market shows mixed reactions to these efforts.
Surge in Burn Rate
According to Shibburn, over the past 24 hours, approximately 6,690,287 SHIB tokens have been sent to unspendable wallets, resulting in an astonishing 936.52% increase in the daily burn rate.
This spike can be attributed to two significant transactions that removed 3,507,923 and 2,300,437 SHIB from circulation.
Despite this impressive daily burn, the overall trend for the week shows a decline in weekly burns, with a staggering 60% drop.
In total, 62,381,241 SHIB tokens have been locked away, indicating a paradox where daily burn rates soar while weekly totals fall.
Market Performance and Price Reaction
This surge in SHIB burning comes at a time when the price of SHIB has displayed a sideways movement.
Last Friday, the cryptocurrency experienced a dramatic 30% increase, climbing from $0.00001859 to $0.00002406.
However, this upward momentum has since waned, with the price now sitting at approximately $0.00002168, marking a 9.61% decline since its peak.
The SHIB market appears to be struggling to overcome the $0.00002200 resistance level, leaving many traders and investors anxious about its future trajectory.
Broader Market Context
In the backdrop of these developments, the cryptocurrency landscape remains dynamic.
Other notable stories include significant movements in Bitcoin and XRP.
For instance, MicroStrategy recently announced a purchase of $561 million in Bitcoin, while Ripple’s CTO has ignited discussions about XRP’s potential growth.
The Shiba Inu community’s efforts to burn tokens have led to a substantial increase in the burn rate, yet the market’s reaction has been tepid.
As SHIB aims to stabilize and potentially break through resistance levels, investors will be watching closely to see how these developments impact its long-term price performance.
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Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
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