37 Million Burns Came: Meme Coin Burn Rate Jumped 353%

Shiba Inu burn rate has increased by an impressive 353% in the last 24 hours. According to the Shibburn website, 37,957,807 SHIBs have been burned in the last 24 hours, which is almost five times the previous day when there were only 8,375,655 meme coin burns.

The million dollar mark came and the price moved.

Just 126 million meme coins were removed from circulation last week, which represents a pretty meager amount. More than 37 million SHIBs burned earlier this week signaled that a good amount of burns could be seen this week. ,

Besides, at press time, SHIB is trading at $0.00000985, up 5.51% in the last 24 hours. Meme coin also has a trading volume of $190 million, up 65% in the last 24 hours.

SHIB price action

The popular meme coin was trading at $0.0000081 on November 22. After rebounding from these levels, it consolidated somewhat. After a positive close on December 4, SHIB tried to surpass the $0.00001009 resistance located at the daily MA 50.

Koinfinans.com As we reported, this attempt by Shiba Inu brought the meme coin intraday highs of $0.000001016 before a slight pullback occurred. SHIB later returned to the $0.000009 range where it is currently trading.

A definitive break above the $0.000010 level will clear an extra zero in SHIB’s price and will likewise be necessary for the upside move to continue.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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