According to U.Today, the Shiba Inu community has significantly increased the burn rate of SHIB tokens over the past 24 hours. The Shibburn data tracker reported a remarkable 2,542% rise in the burn rate, with a total of 68,170,710 SHIB tokens removed from circulation. This increase in burn rate comes as the SHIB community closely monitors the cryptocurrency's price, which has been attempting to surpass the $0.000033 resistance level this week.
The substantial amount of SHIB burned was achieved through several transactions, with two notable transfers accounting for the majority of the tokens sent to unspendable blockchain addresses. These transactions involved 53,423,510 and 14,742,910 SHIB tokens, respectively. This recent burn activity follows a previous report from Shibburn, which highlighted a staggering 144,045% increase in SHIB burns two days ago, with 2,041,299,351 SHIB transferred to dead wallets. The founder of SquidGrow, @Shibtoshi_SG, was responsible for a single transfer of 2,020,624,700 SHIB during this period. Over the past week, the SHIB community has successfully burned a total of 2,985,633,942 SHIB tokens.
Despite the impressive burn rate, SHIB's price performance has been volatile. Over the last 24 hours, the meme-themed cryptocurrency has experienced a decline of approximately 8.55%, dropping from $0.000033 to around $0.000030. This decrease followed a nearly 24% surge earlier in the week, which occurred between Tuesday and Thursday. This was the second attempt by SHIB to break above the $0.000033 resistance level in the past seven days, having previously reached this level over the weekend after a 24% increase. As of the current writing, Shiba Inu is trading at $0.00003014 per token.
