The Shiba Inu (SHIB) community has significantly increased the burn rate of the meme coin, as revealed by Shibburn, a data tracker. Over the past 24 hours, the burn rate has skyrocketed by over 2,500%, with 68,170,710 SHIB removed from circulation. This dramatic increase has sparked anticipation among the SHIB community, which is closely watching the coin’s price movements as it attempts to surpass the $0.000033 resistance level.
Major Burn Transactions Drive Surge
Most of the burned tokens were destroyed in two significant transactions. The largest burn recorded involved 53,423,510 SHIB, while another transaction saw 14,742,910 SHIB sent to dead wallets. These transactions collectively contributed to the noteworthy rise in the burn rate.
Just two days earlier, Shibburn reported an even larger increase in SHIB burns. The burn rate soared by 144,045%, with 2,041,299,351 SHIB permanently removed from circulation.
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Among these, 2,020,624,700 SHIB were burned in a single transaction by @Shibtoshi_SG, the founder of SquidGrow cryptocurrency. Over the past week, the community has managed to burn a total of 2,985,633,942 SHIB coins, showcasing its commitment to reducing the circulating supply.
Price Movements Amid Burning Activity
Despite the aggressive burning, SHIB’s price has struggled to maintain upward momentum. Over the last 24 hours, SHIB’s value declined by approximately 8.55%, dropping from $0.000033 to $0.000030. This followed a 24% surge earlier in the week, during which SHIB made a second attempt to break above the $0.000033 resistance.
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The recent burn activities demonstrate the community’s dedication to supporting SHIB’s long-term growth. Although the current price stands at $0.00003014, the repeated efforts to surpass key resistance levels indicate optimism. Investors remain hopeful that these burns will reduce supply and positively impact SHIB’s price in the future.
As the week progresses, SHIB enthusiasts continue to monitor both burning metrics and price movements closely, expecting the coin to gain upward momentum soon.
