In the last 24 hours, the Shiba Inu (SHIB) burn rate has surged by an astonishing 28,145%, with millions of SHIB sent to dead wallets.
According to the SHIB burn X handle, in the past 24 hours, a total of 96,434,994 SHIB tokens have been burned in two transactions, representing a 28,145.27% increase.
Shiba Inu prices surged during Thursday’s trading session, reaching a high of $0.00001455, coinciding with the SHIB burn rate surge. This demonstrates the market’s initial positive reaction to the burn rate increase. However, it was short-lived, as the price slightly retreated. At the time of writing, SHIB is trading at $0.00001411, down 0.42% in the last 24 hours.
In the past 24 hours, there have been a total of 96,434,994 $SHIB tokens burned and 2 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/PfyQVsIO3m
— Shibburn (@shibburn) August 30, 2024
The slight retreat suggests that while the burn rate increase was a positive development, the market may be waiting for further catalysts or confirmation of sustained upward momentum. While the burn rate increase seemed to boost SHIB’s price, the retreat suggests that other market factors are also at play, influencing SHIB’s price action.
After declining for three days in a row, Shiba Inu began to rebound from lows of $0.00001338 on Aug. 27. The recovery extended into two consecutive days before bulls encountered resistance. The Shiba Inu price currently faces a battle between bulls and bears as the market faces profit-taking.
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