- The cryptocurrency market has been abuzz with the latest developments surrounding Shiba Inu (SHIB).
- Recent data reveals a significant increase in SHIB burn rates, capturing the attention of investors and analysts alike.
- One notable highlight is the 570% surge in SHIB burns, a testament to the community’s efforts to reduce the circulating supply.
Discover the latest trends and insights in the Shiba Inu (SHIB) market, including a remarkable increase in burn rates and recent price action.
SHIB Burns Skyrocket 570%
Recent figures from the Shibburn explorer indicate that over the past 24 hours, the SHIB community has collectively burned 12,702,169 SHIB tokens. Although this equates to a modest $331.02 in fiat currency, it represents a significant daily contribution to the overall SHIB burn efforts. The SHIB army has successfully transferred a total of 410,726,436,823,094 SHIB to unspendable blockchain wallets, marking a 569.98% increase in the daily burn rate due to overnight activity.
In the last 24 hours alone, there have been 17 burn transactions, with the largest ones involving 3,081,664 and 2,126,681 SHIB. Despite a weekly burn level drawdown of 71.87%, with 40,412,565 SHIB removed from circulation, the community’s dedication remains unwavering.
Recent SHIB Price Action
Meanwhile, SHIB continues to navigate a volatile market, striving to break out of its current range. With a strong support level at $0.000022 and resistance at $0.000026, the meme coin has faced challenges in maintaining upward momentum. Over the past week, SHIB has experienced multiple volatility curves, with significant price fluctuations.
In the last 24 hours, SHIB’s price increased by over 6%, rising from $0.00002515 to $0.00002628, before a pullback to $0.00002548 – a decline of 5.17%. The coin has since recovered 2.53%, trading at $0.00002613 at the time of writing. According to Shibariumscan explorer, transaction volume has surged, with a notable increase from 6,000 transactions on May 14 to 18,560 on May 20, currently stabilizing at 10,900 transactions.
Conclusion
The recent surge in SHIB burns and the fluctuating price action highlight the dynamic nature of the cryptocurrency market. As the SHIB community continues its efforts to reduce the circulating supply, investors and analysts will be closely monitoring these developments. With significant support and resistance levels in play, SHIB’s future trajectory remains a topic of keen interest. Stay tuned for more updates and insights on this evolving story.
