Shiba Inu (SHIB), a popular meme coin, has seen an astounding increase in its token burn rate, with reports indicating that over 410.7 trillion SHIB tokens have been burned since its inception. The recent surge in burn rate, calculated by Shibburn, reached an incredible 4240.91% increase, with 15.71 million SHIB tokens incinerated in the last 24 hours, drawing significant attention from crypto investors.
SHIB’s popularity among crypto investors is not solely due to its meme coin status but also appears to be supported by strategic actions, including substantial token burns. These burns have permanently removed a significant portion of Shiba Inu’s total supply from circulation.
Recent burns were conducted by various wallets, with one wallet burning 7.33 million SHIB and another 5.57 million SHIB. A smaller burn of 1.25 million SHIB was carried out by a third address, indicating diverse investor participation in SHIB’s progression.
Despite the over 4000% increase in token burns, SHIB’s price experienced a decline, trading at $0.000008827 with a 1.08% drop over the last 24 hours. The trading volume also decreased by 14%, standing at $88.56 million.
Market analysts suggest that if SHIB’s price surpasses the initial resistance of $0.00001, it could potentially trigger an increase, potentially leading to a movement towards $0.000015 and opening the path to $0.00003 if the resistances are firmly breached.