Shiba Inu (SHIB) experienced a remarkable boost over the past week, with a significant rise in its burn rate. This metric, crucial for reducing the overall supply of tokens, has shown steady growth. As of now, the burn rate for SHIB has continued its upward trend from last week, indicating positive momentum.
Burn Rate Jumps by 389% in 24 Hours
According to Shibburn, the SHIB burn rate surged by 389% within the last 24 hours. A total of 6,314,537 SHIB tokens were removed from circulation by being sent to inactive wallets during this period.
HOURLY SHIB UPDATE$SHIB Price: $0.00001899 (1hr 0.44% ▲ | 24hr 1.76% ▲ )
— Shibburn (@shibburn) October 21, 2024
Market Cap: $11,182,256,142 (1.73% ▲)
Total Supply: 589,268,785,053,399
TOKENS BURNT
Past 24Hrs: 6,314,537 (389.36% ▲)
Past 7 Days: 324,982,323 (1020.25% ▲)
This sharp increase highlights the growing efforts to decrease the token supply, aiming to strengthen SHIB’s long-term value. Over the course of the week, SHIB’s burn rate recorded a substantial 1,020% increase. In total, 324,982,323 SHIB tokens were burned within the past seven days.
Related article: Shiba Inu Transaction Volume Surges: Is a Bullish Reversal on the Horizon?
This consistent burning activity showcases the dedication of the SHIB community to reducing the token supply. Despite the broader market trends, the increase has proven to be a key performance indicator for SHIB.
Price Impact and Market Performance
The effect of the surge on SHIB’s price has been positive. CoinMarketCap data reveals that SHIB’s price increased by 1.48% over the past 24 hours, reaching $0.00001903. Additionally, the token saw a 5.23% increase over the past week.
Related article: Shiba Inu (SHIB) Eyes Breakout to $0.000030 After Six Failed Attempts: Will It Finally Succeed?
This stability underscores how the burn rate supports price movements in a favorable direction, helping SHIB navigate market volatility. With the recen momentum, SHIB may break through the $0.00002 resistance level, which has been a significant barrier over the past month.
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The current “Uptober” market rally and upcoming developments from the SHIB team could potentially drive the token’s price higher in the coming weeks.
