SHIB Burn Rate Jumps 515.33% — Will Price Follow?
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Popular transaction tracker Shibburn, which monitors SHIB transfers to end-of-life wallets, shared that since yesterday morning, the SHIB army has been actively pushing meme coins into the virtual furnace of zero wallets.
Their actions over the past day have sparked a significant spike in the daily burn rate. This happened as the price of the second-largest meme cryptocurrency, Shiba Inu, tried to break out but failed to clear the resistance at $0.00002888.
Burn rate jumped by 515%
Data shared by the aforementioned source revealed that overnight, the SHIB burn rate skyrocketed by 572.29%, with 72,847,617 SHIB locked in unspendable wallets. The largest single transfer to the “Hell” wallet held 70,605,175 SHIB tokens and was executed about an hour ago. The second largest moved 1,724,757 SHIB 22 hours ago, according to Shibburn.
Reading the burn rate over the past week doesn’t look too optimistic. A recent tweet from Shibburn shows that over the past seven days, the community has sent 94,189,104 SHIB to zero wallets.
The vast majority of burns have always been by SHIB users, with some new projects recently entering the crypto world to help as they burned several billion worth of SHIB.
The SHIB development team itself says that they also transfer around 400,000,000 Shiba Inu to non-spendable blockchain addresses every month.
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SHIB Price Performance
While the burn rate of the prominent meme cryptocurrency has shown a significant increase, the price has so far failed to follow in its footsteps.
SHIB showed a near 4% increase, testing the $0.00002888 resistance level, but then pulled back and is changing hands at $0.00002848 at the time of writing.
However, the good news is that since December 10, Shiba Inu has made an upward movement of more than 17%.
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