A significant surge in SHIB burns occurred in wallets deemed non-spendable since yesterday morning.
Meanwhile, SHIB price attempts a recovery after its recent downturn.
SHIB Jumps by 103.45%
Cryptocurrency tracking platform Shibburn Meme unveiled data regarding Shiba Inu burns that occurred in the past 24 hours. These figures revealed that the SHIB community successfully burned a total of 34,681,610 SHIB, leading to a burn rate increase of 103.45%.
This SHIB burn was executed through four transfer operations to dead wallets, with the largest one carrying 33,673,855 SHIB tokens, equivalent to 97.08% of the total burned cryptocurrency quantity.
The SHIB community regularly engages in meme coin burns in an attempt to reduce the SHIB supply and make the meme cryptocurrency more scarce. The SHIB team also participates in this from time to time – converting a portion of Shibaarium gas fees from BONE to SHIB and burning billions of Shiba Inu at once.
SHIB Team Representative Anticipates New ATH Before Bitcoin Halving
Earlier this week, SHIB’s Marketing Leader, known as Lucy, tweeted that despite Bitcoin and the overall cryptocurrency market entering a phase of price reversal now, she believes SHIB is the only currency capable of surprising the market before the Bitcoin halving.
Read more Shiba Inu’s Price Analysis: Key Support and Resistance Levels Signal Potential Rebound”
The Bitcoin halving is scheduled for the second half of April, less than a month from now. SHIB reached its all-time high in October 2021 at $0.00008845. Currently, after a 4.50% increase in the past 24 hours, SHIB is trading at $0.0000271.
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