The Shiba Inu community saw a significant increase in token burn activity, with a 2,752% spike in burn rate as holders sent large amounts of SHIB tokens to unrecoverable wallets. Even with this, SHIB has remained within a tight price range, currently trading at $0.00001054, down 1.5% over the past week.
Our analysis of the situation
Shiba Inu’s journey through the world of cryptocurrency has been nothing short of intriguing, with recent developments further fueling the fire of the blockchain community. The past 24 hours have witnessed a spellbinding surge in SHIB burn activities, marking a remarkable uptick of over 2,700% in the burn rate. As the SHIB holders fervently send vast quantities of the meme coin to unrecoverable wallets, the total supply dwindles, all amidst a concerted endeavor to elevate the coin's value.
Ordinarily, SHIB tokens meet their fiery fate sporadically, as any investor can contribute to the burn by dispatching tokens to the three designated SHIB burn addresses. In recent months, the cerebral members of the Shiba Inu team have fervently catalyzed initiatives to escalate the burn rate within the community.
Information procured from the official SHIB burn tracker, Shibbburn, articulates the palpable influx of burn transactions into the Shiba Inu burn wallets. Notably, four major transactions have transpired, the most notable being the staggering incineration of 13,140,241 SHIB tokens in a single sweep from the address "0xa034". This monumental burn surge propelled the SHIB burn rate skyward by a staggering 2,752%, effectively consigning over 14.8 million SHIB to ash. These figures stand in stark contrast to the preceding day's modest tally of approximately 2.5 million SHIB tokens dispatched to the burn addresses.
The indefatigable efforts of the Shiba Inu team have been unmistakably prolific, torching a cumulative total of 33.8 billion tokens across four transactions this month alone. Concomitantly, the SHIB community has effectively eradicated a staggering 410.69 trillion tokens from the initial SHIB token supply, leaving the current circulating supply at 581 million tokens.
Amidst this fervor, SHIB finds itself ensconced in a tight trading range for nearly a week, oscillating within the confines of an upper resistance at $0.000011 and a support level at $0.00001067. Despite the relative lack of reaction to the fervent token burns, the cryptocurrency currently traverses the realm at $0.00001054, witnessing a decline of 1.5% over the past seven days. Notably, statistics from IntoTheBlock reveal that 37.26% of addresses are reveling in a profitable position at the current price, reflecting a slight dip from the 42% profitability observed the week prior.
Zooming out to a broader 30-day timeframe, SHIB has predominantly elicited positive responses to the team's fervent token burns. For instance, the second burn of 8.6 billion SHIB catalyzed a robust spike, propelling the crypto to the pinnacle of $0.00001165 on December 17. Despite the recent correction this week, the token admirably retains 28.53% of its hard-earned monthly gain.
As the dust settles on this enthralling saga, the SHIB burn phenomena continue to captivate the cryptocurrency landscape, reaffirming the unwavering zeal of the Shiba Inu community in sculpting the saga of this enigmatic meme coin.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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