The SHIB burn rate is currently skyrocketing to 936%, leading to a very surprising price reaction in the market. Recent data from the Shibburn tracking platform shows that the rate of removing Shiba Inu meme coins (SHIB) from circulation is significantly increasing. This development highlights the active participation of the SHIB community in reducing the token supply, even as the market reacts inconsistently to these efforts.

Spike in Coin Burn Rate

Theo Shibburn, trong 24 giờ qua, khoảng 6.690.287 token SHIB đã được gửi đến các ví không thể chi tiêu, dẫn đến mức tăng đáng kinh ngạc là 936,52% trong tỷ lệ đốt coin hàng ngày.

Sự gia tăng đột biến này có thể là do hai giao dịch quan trọng đã loại bỏ 3.507.923 và 2.300.437 SHIB khỏi lưu thông.

Despite this impressive daily burn rate, the overall trend for the week shows a decrease in the weekly burn rate, with an astonishing drop of 60%.

A total of 62,381,241 SHIB tokens have been locked, showing a paradox as the daily burn rate skyrockets while the total weekly amount decreases.

Market Performance and Price Reaction

This SHIB burn event occurs at a time when SHIB prices are trending sideways.

Last Friday, this cryptocurrency experienced robust growth of 30%, rising from $0.00001859 to $0.00002406.

However, this upward momentum has weakened since then, with the current price at approximately $0.00002168, marking a decrease of 9.61% from the peak.

The SHIB market seems to be struggling to surpass the resistance level of $0.00002200, causing many traders and investors to worry about the future trajectory of the market.

Overall Market Context

In the context of these developments, the cryptocurrency landscape remains dynamic.

Other notable stories include significant fluctuations in Bitcoin and XRP.

For example, MicroStrategy recently announced the purchase of $561 million in Bitcoin, while Ripple's CTO has sparked discussions about the growth potential of XRP.

The Shiba Inu community's token burning efforts have led to a significant increase in the token burn rate, but the market's reaction remains quite lukewarm.

As SHIB aims for stabilization and potentially surpass resistance levels, investors will closely monitor how these developments impact the long-term price performance of this stock.

DYOR! #Write2Win #Write&Earn $SHIB