SHIB Burn Rate Soars 515.33% — Will the Price Follow?

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The popular trading tracker Shibburn monitors the transfers of SHIB to dead wallets, and it reports that since yesterday morning, the SHIB army has been actively shoveling the meme coin into the virtual furnace of the dead wallet. Their actions over the past day have led to a significant increase in the daily burn rate. Meanwhile, the second-largest meme cryptocurrency, Shiba Inu, is attempting to break through but has failed to surpass the resistance level of $0.00002888. The burn rate has surged by 515%. According to sources, the SHIB burn rate skyrocketed by 572.29% overnight, with 72,847,617 SHIB locked in wallets that cannot be used. The largest transfer to the “inferno” wallet included 70,605,175 SHIB coins, conducted about an hour ago. According to Shibburn, the second-largest transfer was made 22 hours ago, containing 1,724,757 SHIB.

The burn rate over the past week does not look as optimistic. A recent tweet from Shibburn shows that in the past seven days, the community has sent 94,189,104 SHIB to dead wallets.

Most of the burns are conducted by SHIB users, and recently some new crypto projects have also stepped in to help, burning SHIB worth billions of dollars.

The SHIB development team claims that they also transfer about 400,000,000 Shiba Inu to unusable blockchain addresses each month.

SHIB Price Performance Although the burn rate of the famous meme cryptocurrency has increased significantly, its price has yet to follow suit. SHIB shows about a 4% increase, testing the resistance level of $0.00002888, but then retracing, trading at $0.00002848 at the time of writing. However, the good news is that since December 10, the price of Shiba Inu has risen by more than 17%.