Ever since the beginning of the week, the price action of Shiba Inu has been on a consolidation activity. Over the course of the last twenty-four hours, the Shiba Inu community has increased the number of SHIB burn activities, which has resulted in an increase in the burn rate of more than 2,700%. Consequently, this indicates that holders of SHIB have been transferring significant quantities of the meme currency to wallets that cannot be recovered, thereby lowering the overall supply of the meme coin in the middle of efforts to drive up its price.
The Shiba Inu burn rate skyrockets in just twenty-four hours despite the decline in the Shiba Inu.
In the usual course of events, SHIB tokens are burnt in a random fashion. Any investor has the ability to burn tokens by sending them to any of the three SHIB burn addresses. Over the course of the past several months, members of the Shiba Inu team have expanded their efforts to raise awareness in order to raise the burn rate among members of the community.
An increase in the number of burn transactions has been seen in the Shiba Inu burn wallets over the course of the last day, as indicated by the information that was collected from the official SHIB burn tracker, Shibbburn. The most significant of these burns was the burning of 13,140,241 SHIB tokens in a single transaction from the address "0xa034." These burns were the result of four big transactions. As a direct consequence of this, the pace at which SHIB were burned increased by an astounding 2,752%, and a total of more than 14.8 million SHIB were burned. When compared to the numbers from the previous day, which showed that around 2.5 million SHIB tokens were transmitted to the burn addresses, this is a strikingly different quantity.
Over the course of this month, the Shiba Inu team has been very active with SHIB burns, including the burning of a total of 33.8 billion tokens over four transactions. The SHIB community has eliminated 410.69 trillion tokens from the original supply of SHIB tokens as a result of all of these circumstances. At the time of this writing, the total number of Shiba Inu tokens that are currently in circulation is 581 million.
SHIB, on the other hand, has been trading inside a small price range for about a week now, with the upper resistance of $0.000011 and the support of $0.00001067 acting as the two primary grounds of conflict. This has been the case for the majority of the time. Token burns have had a rather low level of response this week, as seen by the fact that the cryptocurrency is presently trading at $0.00001054, which represents a fall of 1.5% over the course of the previous seven days. At the present pricing, 37.26 percent of addresses are profitable, as reported by IntoTheBlock. This is a significant improvement from the previous week's profitability rate of 42 percent.
A more extensive timeline of thirty days reveals that SHIB has, for the most part, responded favorably to the team's big token burns. As a result of the second burn of 8.6 billion SHIB, the cryptocurrency had a significant surge that lasted for several days, which allowed its price to reach $0.00001165 on December 17th. In spite of the latest downturn that occurred this week, the token is still retaining 28.53% of the gain it experienced over the month.