SHIB Burn Rate Surges by 515.33% — Will the Price Catch Up?

The Shiba Inu community has once again intensified its token-burning efforts, sending millions of SHIB to dead-end wallets. According to Shibburn, a leading tracker for SHIB burns, the burn rate has surged by a remarkable 515.33% within the last 24 hours. This spike comes as the SHIB price attempted to break resistance at $0.00002888 but faced rejection, pulling back to $0.00002848.

🔥 Daily Burn Data:

Overnight, 72,847,617 SHIB tokens were removed from circulation, with a single massive burn of 70,605,175 SHIB leading the charge. A smaller transfer of 1,724,757 SHIB followed approximately 22 hours earlier. Despite this impressive burn activity, the weekly numbers remain less optimistic, with a total of 94,189,104 SHIB burned over the past seven days.

🔥 New Contributors and Developer Activity:

While SHIB holders continue to dominate the burn process, external crypto projects have recently joined in, burning billions of tokens to support the cause. Additionally, the SHIB development team maintains its commitment to monthly burns, consistently removing 400,000,000 SHIB from circulation to boost long-term scarcity.

📉 SHIB Price Action:

Despite the significant rise in the burn rate, SHIB’s price has struggled to reflect this momentum. It experienced a modest 4% surge but failed to sustain gains above the $0.00002888 resistance level. At the time of writing, SHIB trades at $0.00002848, slightly retreating from its recent highs.

However, there is a silver lining: since December 10, Shiba Inu has delivered a notable 17% rally, showcasing the community’s growing optimism and potential for further upward movement.

📊 Final Takeaway:

The SHIB burn rate continues to demonstrate the community’s commitment to reducing supply and enhancing the token's long-term value. While immediate price reactions remain subdued, consistent burns paired with growing ecosystem developments could set the stage for a significant breakout in the near future. Traders and investors should monitor SHIB’s resistance levels and whale activity closely for signs of a stronger uptrend.

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