leading meme coin Shiba Inua strong 64,201% increase in the burn rate, with 657 million SHIBs removed from circulation noted.
According to the Shibburn X account, 657,148,384 SHIB tokens were burned in eight transactions in the last 24 hours. This is equivalent to $13,878 in monetary terms.
In the past 24 hours, there has been a total of 657,148,384 $SHIB tokens burned and 8 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/wOxiohx4So
— Shibburn (@shibburn) April 14, 2024
NEWS CONTINUES BELOW
Among these burns, 650 million SHIB were sent to the burn address in a single transaction, contributing to the significant increase in the amount burned. The timing of this burning process was noteworthy, as it came at a time when many digital assets were experiencing significant losses.
In this context, the massive Shiba Inu burning stands out as a bold counter-move that demonstrates the community’s proactive approach to influencing the token’s market dynamics.
The total of 657 million SHIB burned remains a small portion of the token’s total supply, which was initially one quadrillion. However, the increase in the burn rate could be one of the largest increases in recent weeks.
At the time of this writing, Shiba Inu is down 5.84% in the last 24 hours to $0.0000227, tracking declines in the market.
What About Shiba Inu Metrics?
According to on-chain data from IntoTheBlock, Shiba Inu is currently trying to maintain its 51 trillion SHIB range, which sits between $0.000022 and $0.000025. In this range, 57,520 addresses hold 51.27 trillion SHIB at an average price of $0.000023.
If this range is successfully retraced, resistance lies in the $0.000025 to $0.000030 range; If lost, it looks like support could be in the $0.000019 to $0.000022 area.
