Shiba Inu Burn Rate Skyrockets 515.33% – Will The Price Increase?
The burn rate of the meme cryptocurrency, Shiba Inu (CRYPTO: SHIB), has surged by a whopping 515.33%. This data comes from the widely used transaction tracker Shibburn.
What Happened: The Shibburn data shows there has been a significant rise in SHIB transfers to dead-end wallets. The SHIB community has been actively participating in this activity, resulting in a substantial daily burn rate increase. Despite these efforts, the SHIB price has been unable to surpass the resistance at $0.00002888.
The data also shows that the SHIB burn rate experienced a dramatic increase of 572.29% overnight, with 72,847,617 SHIB being locked in unspendable wallets. The largest single transfer involved 70,605,175 SHIB coins, which occurred approximately an hour ago.
However, the burn rate over the past week has not been as encouraging. …
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