#Shiba Inu Coin Burn Rate Increased by 3010%

#Shiba Inu coin has recently experienced a dramatic 3010% increase in token burn rate in 24 hours. This increase occurred as the price of $SHIB fell below $0.000022. By reducing the circulating supply, the community aims to put upward pressure on the token's value.

According to Shibburn, which tracks #SHIB token burns, more than 232 million #SHIB tokens were burned in a single day, significantly reducing the supply. Specifically, a single wallet with address 0xd9a… burned 225.63 million $SHIB tokens in a single transaction. Other wallets also made meaningful contributions, demonstrating the collective effort of the community

Despite these aggressive burn efforts, the price of #SHIB fell 2.36% to $0.00002196. While the market capitalization was $12.96 billion, the 24-hour trading volume increased by 30.12% and reached $816.98 million. This increase reflects increased sales and liquidations worth $1.34 million in the last 24 hours.

In order for $SHIB to recover and surpass the all-time high of $0.00008845, it must first rise above the critical resistance level of $0.000025. Reaching and holding this level could provide an impetus towards $0.00005 and potentially $0.0001. However, current market sentiment and trends are bearish, highlighting the need for sustainable burn activities and positive developments to instill investor confidence.