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In a remarkable market maneuver, the Shiba Inu community has executed a massive 64,201% increase in its token burn rate, permanently removing 657 million SHIB from circulation amid a broader market downturn.
Shiba Inu Community Executes Massive Burn Amid Market Decline, Withdraws 657 Million Tokens
In a recent report by U.Today, Shiba Inu, a dog-themed cryptocurrency, has experienced an astounding 64,201% increase in burn rate, with a total of 657 million SHIB permanently withdrawn from circulation.
The Shibburn X account shows that 657,148,384 SHIB tokens were burned in eight transactions within 24 hours. This totaled $13,878 in monetary terms.
A staggering 650 million SHIB were sent to dead addresses in a single massive burn, contributing significantly to the rise in total burned. The timing of this burn corresponds with a broader market decline, dubbed the "crypto bloodbath," in which numerous digital assets have suffered significant losses.
In this light, the large SHIB burn stands out as a daring countermove, showcasing the community's proactive approach to influencing the token's market dynamics.
The 657 million SHIB burned is a small part of the token's total quantity, initially a quadrillion. However, the increase in burn rate could be one of the highest seen in recent weeks.
Shiba Inu Faces Volatility and Scams as Market Struggles, Price Aims to Stabilize
According to a source, SHIB had dropped 5.84% in the previous 24 hours to $0.0000227, mirroring the overall crypto market meltdown.
According to on-chain data from IntoTheBlock, Shiba Inu is now trying to hold a 51 trillion SHIB range, which lies between $0.000022 and $0.000025, where 57,520 addresses control 51.27 trillion SHIB at an average price of $0.00023.
If this range is successfully reclaimed, resistance may be encountered in the $0.000025 to $0.000030 range; if it is lost, support may be expected in the $0.000019 to $0.000022 range.
A Shiba Inu-focused X account, "Shibarmy scam alerts," has issued a vital alert to the Shiba Inu community regarding numerous bogus organizations imitating authentic Telegram channels.
These fake groups may fool members by promising unique content, prizes, investment possibilities, and attempts to address transaction concerns.
Shiba Inu Burn Rate Soars 6,478%, Driving Price Surge, and Market Buzz
Shiba Inu's (SHIB) weekly burn rate has skyrocketed by 6,478%. This rapid increase occurs as the burn rate of SHIB tokens skyrockets, generating a frenzy of investor interest and propelling the dog-themed token into the cryptocurrency market spotlight.
According to the Shibburn X account, 14,238,113,469 SHIB tokens were burned over the last seven days, representing a 6,478.69% rise in the weekly burn rate. Nonetheless, the daily burn rate has decreased, with only 68,972,347 SHIB tokens burned in 10 transactions during the past day.
A total of 13.6 (13,610,153,841) billion SHIB were burned the day before the last, contributing to the increase in the weekly burn rate. The big 13.6 billion SHIB stash comes after the SHIB team burnt large sums of SHIB, BONE, and LEASH in four transactions over the weekend.
Two transactions burnt 9,649,108,480 SHIB and 3,814,893,910 SHIB, respectively, while two other transactions burned 19,550 BONE and 28,762 LEASH.
Shiba Inu prices have skyrocketed by nearly 300% this week, reaching a high of $0.00004575. Shiba Inu earned its second consecutive week of substantial gains, recovering from a low of $0.00002375 on February 26. Shiba Inu has also reentered the top ten, with a market worth of $20.74 billion, making it the tenth largest cryptocurrency by market capitalization.
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