Shiba Inu Burn Rate Skyrockets 579%, 9.83 Million Tokens Burned in One Day

Shiba Inu's burn rate surged by 579% in the past 24 hours, destroying 9.83 million tokens, according to Shibburn. The significant increase in token burns has caught the market's attention, with substantial transactions from key addresses contributing to this trend.

Key Player in SHIB Burns

Shibburn's analysis shows that the rate at which tokens are burned has increased dramatically by 579% within the last 24 hours. This burning surge resulted in 9.83 million tokens being destroyed in a series of transactions. The market has noticed the transfers to burn addresses from two specific addresses within these transactions.

The data paints an intriguing picture: the wallet address 0x608125 has been a critical player, moving a substantial 3.10 million SHIB to a dead wallet through several transfers in the last 24 hours. Equally noteworthy, 4.69 million SHIB were sent to a dead wallet from address 0xa9d...over the past day. Most of the deals that propelled the SHIB burn rate were initiated from these addresses, adding a layer of mystery to the unfolding narrative.

To make things even more interesting, the meme coin traded in red today, which was unexpected since many tokens had been destroyed. Strangely, this situation made traders think about how the market works and what factors affect the coin's performance.

SHIB Price Drop Despite Burn

According to Coingape, Shiba Inu's price has dropped 4.35% in the last 24 hours to $0.00002389, a sign of a slowdown. However, the self-proclaimed Dogecoin killer's weekly charts show an increase of 9.80%, which shows how volatile Shiba Inu has been lately. Its 24-hour low is $0.00002359, and its 24-hour high is $0.00002507.

The asset is neither overbought nor oversold, as indicated by the RSI (Relative Strength Index), which remains at approximately 48. This adds an element of intrigue to the future price fluctuations of Shiba Inu.

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