Shibburn, a blockchain enthusiast focusing on the Shiba Inu meme cryptocurrency, has reported a significant spike in the burn rate of Shiba Inu, the second-largest canine token by market capitalization. The burn rate surged by an astonishing 10,653.65% over the past 24 hours, representing a burn of 297,573,479 SHIB. This surge follows another notable increase earlier in the week, where the Shiba Inu community successfully pushed the burn rate to a remarkable 499,363%.
The majority of the burned SHIB tokens, totalling 261,408,966 SHIB and 21,527,028 SHIB, were transferred to inactive blockchain addresses. Despite this impressive surge in the burn rate, the price of Shiba Inu has experienced a 6.41% decline since the beginning of the week, dropping from $0.00000866 to its current price of $0.0000080. Throughout the week, SHIB attempted to break out of its trading range, testing the $0.00000805 support level twice, with subsequent rebounds.
Regarding weekly burns, Shibburn X reported that the SHIB community burned a total of 321,843,771 SHIB over the past seven days, contributing to an almost 11% increase in the weekly burn rate. However, despite these burn efforts, the circulating supply of Shiba Inu remains substantial at 589,336,895,163,727 SHIB, and the burns have yet to significantly impact the potential for a price surge.
Lucie, the official social media marketing specialist for the Shiba Inu team, outlined five crucial criteria for investors to consider when evaluating a cryptocurrency's potential to become a market leader. These criteria include a clear long-term vision for the project, strong community support, an active development team, consistent partnerships for wider adoption, and solid fundamentals. Lucie emphasized the importance of assessing these factors, especially during market declines.
The Shibarium trifecta, consisting of SHIB, BONE, and LEASH tokens, continues to attract large communities with new listings and updates. Recent developments include the emergence of the BONE token in the Binance mobile app's DeFi section, sparking speculation within the SHIB community about a potential listing on Binance shortly #LUNC #BTC #shibaburn $SHIB 
