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Per a tweet issued by the Shibburn data tracker earlier today, the Shiba Inu community has been able to propel the burn rate up to a significant level over the past 24 hours.

Meanwhile, all the eyes of the SHIB community have been on the price, as it has been striving to break above the $0.000033 resistance once again this week.

Burn rate jumps 2,542%

The aforesaid platform revealed that over the past day, the SHIB burn rate has experienced a jump by more than 2,500%, with a total of 68,170,710 SHIB meme coins removed from the circulating supply.

That amount of SHIB was burned in several transactions, but two of them carried the largest amount of coins to unspendable blockchain addresses: 53,423,510 and 14,742,910 SHIB.

HOURLY SHIB UPDATE$SHIB Price: $0.00003187 (1hr 0.14% ▲ | 24hr 5.72% ▲ )Market Cap: $18,770,613,239 (5.81% ▲)Total Supply: 589,257,708,821,824TOKENS BURNTPast 24Hrs: 68,170,710 (2542.67% ▲)Past 7 Days: 2,985,633,942 (95.55% ▲)

— Shibburn (@shibburn) December 6, 2024

Two days ago, Shibburn reported a mind-blowing rise in SHIB burns as this metric surged by 144,045%, with 2,041,299,351 SHIB transferred to dead wallets. A total of 2,020,624,700 SHIB were burned in a single transfer by @Shibtoshi_SG, founder of the SquidGrow crypto.

Overall, in the last seven days, the SHIB community has managed to dispose of 2,985,633,942 SHIB meme coins.

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SHIB price performance

Over the past 24 hours, the second most popular meme-themed cryptocurrency, SHIB, has faced a decline of roughly 8.55%, falling from $0.000033 to the $0.000030. This drawdown took place after a nearly 24% surge seen by SHIB earlier this week, between Tuesday and Thursday.

That was the second time SHIB had attempted to break above the $0.000033 resistance level in the past seven days. The meme coin also reached that level over the weekend after skyrocketing by 24%.

At writing time, Shiba Inu is changing hands at $0.00003014 per coin.