Shiba Inu Burn Rate Explodes 936% While SHIB Price Fails to Break Key Resistance

Shiba Inu has achieved a 936% surge in its burn rate, permanently removing millions of SHIB tokens from circulation. Despite the milestone, SHIB's price remains locked below critical levels, struggling to gain upward momentum.

SHIB Burn Rate Surges Over 936% in a Single Day

News of a dramatic acceleration in the removal of SHIB meme coins from circulation was disseminated by the Shibburn tracking network. Many SHIB have been sent to wallets that will never be refunded.

Despite the fact that ten times the amount of SHIB has been burned over the course of the past seven days, the results of the weekly burns are currently in the red, U.Today shares.

In the meantime, the price of SHIB has been fluctuating in a sideways direction, despite the fact that the SHIB army has been successful in the token burn field this time.

Millions of SHIB Burned in 24 Hours

Shibburn data shows that 6,690,287 SHIB meme currencies were transferred to unspending blockchain wallets in the last 24 hours, causing the daily burn rate to spike by a staggering 936.52%.

The two most significant transactions contributed to the removal of 3,507,923 and 2,300,437 SHIB from circulation, respectively.

Weekly SHIB Burns Drop 60%

There was a 60% drop in the burn rate of SHIB coins in the last week, according to data, and 62,381,241 SHIB coins were removed from circulation and placed in wallets where they cannot be spent.

From $0.00001859 to $0.00002406, SHIB—the world's second-largest meme cryptocurrency by market capitalization—shocked the market last Friday with a quick surge of about 30%.

But ever since then, the beloved meme coin has been seeing a fall—a 9.61% decrease so far, with SHIB trading at $0.00002168. The $0.00002200 resistance level has been a stumbling block for SHIB's upward momentum this week.