Shibburn tracking platform has recently reported a significant increase in the pace at which SHIB meme coins are being removed from circulation. It has been noted that millions of SHIB coins have been transferred to dead-end wallets, resulting in a surge in the burn rate. Despite the SHIB army’s success in burning a large amount of tokens in the past seven days, the price of SHIB has been moving sideways.
The burn rate has soared by 936% in the last 24 hours, with a total of 6,690,287 SHIB coins being transitioned to unspendable blockchain wallets. The two largest transactions accounted for 3,507,923 and 2,300,437 SHIB being taken out of circulation. This surge in burning has caused the daily burn rate to skyrocket, indicating a strong effort by the SHIB community to reduce the circulating supply of the token.
Data from the Shibburn platform shows that over the past week, a total of 62,381,241 SHIB coins have been burned, leading to a nearly 60% decrease in the burn rate. Despite this decrease, the SHIB market has seen some fluctuations in price, with a rapid increase of around 30% last Friday followed by a subsequent decline of 9.61%. Currently, SHIB is trading at $0.00002168 and has been struggling to break above the $0.00002200 resistance level.
Overall, the recent increase in the burn rate of SHIB meme coins and the large number of tokens being moved to unspendable wallets indicate a strong effort by the SHIB community to reduce the circulating supply of the token. While the price of SHIB has been moving sideways and facing some fluctuations, the market performance of this popular meme coin is closely watched by investors and traders. As the SHIB army continues its token burn efforts, it remains to be seen how these actions will impact the overall market dynamics of the cryptocurrency.
