Significant Increase in Shiba Inu Burn Rate as Millions of SHIB Sent to Dead Wallets
Shibburn, the electronic mechanism designed for Shiba Inu, witnessed a remarkable 535% increase in its daily burn rate. Within the past 24 hours, a total of 8,107,271 SHIB tokens were burned in eight transactions. This represents a substantial surge in SHIB burn rate compared to the previous day, where 1,275,013 SHIB tokens were burned in six transactions.
Simultaneously, over a quarter billion SHIB tokens have been burned in the past week. Shibburn reported a total of 259,383,545 SHIB tokens burned in 66 transactions over the past seven days. The transaction volume indicator accounts for the total volume of transactions recorded on the blockchain, reaching 2.62 trillion SHIB according to available data.
Over the last 24 hours, large transaction volumes reached 1.33 trillion SHIB. The volume of large transactions, exclusively including those valued at over $100,000, indicates whale activity. At the time of writing this report, SHIB has increased by 1.7% within the last 24 hours, reaching $0.000008. Shiba Inu has rebounded to the psychological level of $0.000008 after traders pushed the prices higher from its lowest point on November 3rd at $0.00000763.
Currently, Shiba Inu is trading between its 50-day and 200-day moving averages (MA), and a breakthrough in either direction may signal the next move. For bullish momentum to continue, traders are expected to compete with the $0.00000825 level, with a target of $0.00001134 in sight.
In other news, Shibarmy Scam Alerts warns of the emergence of more fake websites and NFT drop scams that request users to link their cryptocurrency wallets and seek monetary refunds. In light of this, Shiba Inu holders are strongly advised to verify URL addresses and exercise caution in linking their cryptocurrency wallets to any websites until due diligence has been carried out.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.
