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Shiba Inu’s price action has been on a consolidation activity since the beginning of the week. However, the Shiba Inu community has ramped up SHIB burn activities in the past 24 hours, pushing the burn rate up by more than 2,700%. What this means is that SHIB holders have been sending large amounts of the meme coin to unrecoverable wallets, reducing the total supply amidst efforts to push the price up.
Shiba Inu Burn Rate Skyrockets In 24 Hours Amid SHIB Decline
SHIB tokens are normally burned sporadically, and any investor can burn tokens by sending them to any of the three SHIB burn addresses. Members of the Shiba Inu team have increased sensitization efforts in recent months to increase the burn rate of community members.
According to information obtained from the official SHIB burn tracker, Shibbburn, the Shiba Inu burn wallets have witnessed an influx of burn transactions in the past day. These burns came in from four major transactions, with the highest being 13,140,241 SHIB tokens burned in one go from address “0xa034”. As a result, the SHIB burn rate spiked by a whopping 2,752% with more than 14.8 million SHIB incinerated in total. This is in stark contrast with the previous day’s figures which came out at around 2.5 million SHIB tokens sent to the burn addresses.
The Shiba Inu team has been particularly active with SHIB burns, burning a total of 33.8 billion tokens in four transactions this month. In all these, the SHIB community has removed 410.69 trillion tokens from the initial SHIB token supply. At the time of writing, Shiba Inu’s circulating supply stands at 581 million tokens.
SHIB market cap currently at $6.146 billion. Chart: TradingView.com
SHIB Trades In Tight Range
SHIB, on the other hand, has been trading inside a narrow price range for approximately a week now, with the upper resistance of $0.000011 and the support of $0.00001067 serving as the two main points of contention. There has been a relative lack of reaction to token burns this week, as the cryptocurrency is currently trading at $0.00001054, which is a decrease of 1.5% over the past seven days. According to data from IntoTheBlock, 37.26% of addresses are in profit at the current price, compared to 42% profitability last week.
A larger 30-day timeframe shows SHIB has mostly reacted positively to the team’s large token burns. The second burn of 8.6 billion SHIB saw the crypto go on a strong spike lasting a few days which pushed its price to $0.00001165 on December 17. Despite the recent correction this week, the token is still holding on to 28.53% of its monthly gain.
Featured image from Freepik
