SHIB Army continues to make every effort to reduce the circulating supply of memecoin. Since yesterday morning, it has succeeded in burning a large amount of SHIB, pushing the burn rate up.
SHIB burn rate skyrocketed 570%
Recent figures publicly shared by explorer Shibburn show that in the past 24 hours, thanks to the collective efforts of the community, a total of 12,702,169 SHIBs have been destroyed.
Although this amount is equivalent to a small amount in fiat currency, 331.02 USD, it is still a significant daily contribution by the Shiba Inu community to the total SHIB burn.
In this way, they managed to transfer a total of 410,726,436,823,094 SHIB to non-spendable blockchain wallets.
Today's daily burn rate has skyrocketed 569.98% thanks to overnight burn. To date there have been 17 burn transactions, with the largest transferring 3,081,664, 2,126,681 SHIB and some 1,000,000 SHIB to burn addresses.
As for the weekly burn, over the past seven days it has seen a massive drop of 71.87%, with 40,412,565 SHIB removed from the circulating supply.
Overall, there are still 589,273,563,176,905 SHIBs circulating in the vast and diverse cryptocurrency market.
Recent SHIB price action
Meanwhile, the second-largest meme cryptocurrency by market capitalization continues to move in a range, attempting to break out.
With strong support at $0.000022, the popular Shiba Inu faces strong resistance at $0.000026 as it has been trying to break above that level and hold there – to no avail so far .
Over the past week, SHIB has seen many volatility curves, with many price declines and price increases. Over the past 24 hours, the asset has increased by more than 6%, rising from 0.00002515 USD and touching 0.00002628 USD.
However, it was downgraded by a drop to $0.00002548 – a drop of 5.17%. Currently, the coin has recovered 2.53% and is trading at 0.00002613 USD at the time of writing.
According to Shibariumscan explorer, trading volume has increased significantly in the past few days. The number of transactions dropped to 6,000 on May 14, then increased 209.33% on May 20, skyrocketing to 18,560 transactions. Currently, this figure is at 10,900.
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