With a significant increase in the burn rate, the Shiba Inu society has once again shown its determination to reduce the supply of SHIB in circulation. The Shibburn tracker shows that 12,702,169 SHIB tokens have been burned by the community in the last 24 hours. Because of this work, the daily burn rate has gone up by 569.98%.
Even though the SHIB that was burned is only worth $331.02, it makes a big daily addition to the overall burn effort. The community has moved an amazing 410,726,436,823,094 SHIB to blockchain wallets that can’t be spent yet.
Shiba Inu, Burn, Circulation, Price, Transactions
The most recent burn had seventeen deals. The most significant were for 3,081,664 SHIB, 2,126,681 SHIB, and several for 1,000,000 SHIB each.
Over the last week, 40,412,565 SHIB have been taken out of circulation, resulting in a 71.87% drop in the burn rate. There are 589,273,563,176,905 SHIB tokens in circulation in the cryptocurrency market right now.
Even with the burn attempts, the price of SHIB, the second-largest meme cryptocurrency by market capitalization, keeps increasing. It has been trading in a narrow band, with a strong resistance level at $0.000026 and a support level at $0.000022. In the past week, SHIB’s price has gone up and down significantly. In the last 24 hours, the price went up over 6% before decreasing by 5.17 per cent. The price of the token right now is $0.00002613.
According to the Shibariumscan explorer, the number of trades has also increased significantly. From May 14 to May 20, there were 18,560 transactions, a 209.33% increase. The number of transactions is now 10,900.
