The Shibburn platform has reported a dramatic increase in the rate at which SHIB tokens are being removed from circulation. Millions of these meme coins have been transferred to inactive wallets, also known as "dead wallets."

Although significantly more SHIB was burned over the past seven days compared to previous periods, weekly statistics indicate a decrease in the burning rate. Meanwhile, SHIB's price has been moving sideways despite the community’s notable efforts in burning tokens.

SHIB Burn Rate Increases by 936%

According to data from Shibburn, a total of 6,690,287 SHIB was burned in the last 24 hours. This led to a dramatic daily burn rate increase of 936.52%.

Two major transactions during this period accounted for the removal of 3,507,923 SHIB and 2,300,437 SHIB from circulation.

Over the past week, 62,381,241 SHIB were burned, marking a nearly 60% decrease in the burn rate. All these tokens were locked in inactive blockchain wallets, making them permanently unusable.

SHIB Market Performance

Last Friday, SHIB, the second-largest meme cryptocurrency by market capitalization, surprised the market with a price spike of approximately 30%, climbing from $0.00001859 to $0.00002406.

However, since this sharp rise, SHIB has experienced a 9.61% decline and is currently trading at $0.00002168.

Throughout the week, SHIB has been trading sideways, struggling to break through the resistance level at $0.00002200, but without success.

Conclusion

While the SHIB burn rate has seen a significant surge, its price remains in a consolidation phase. The SHIB community continues its efforts, which could have a long-term positive impact on the token’s value. Traders are closely monitoring whether SHIB can break through current resistance levels and regain its upward momentum.

#SHIB , #Shibarium , #SHIBburn , #Priceanalysis , #Memecoins



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