Shiba Inu Witnesses Astonishing 64,201% Surge in Burn Rate, Permanently Removing 657 Million SHIB from Circulation
In a remarkable development, 657,148,384 SHIB tokens were burned in the last 24 hours across eight transactions, amounting to a staggering $13,878 in cash value. This surge in burning, including headline-making mass burn events, has significantly contributed to the increased quantity of tokens being permanently removed from circulation.
The timing of this burn coincides with a broader market downturn often referred to as the “crypto bloodbath,” with many digital assets experiencing significant losses.
As a bold countermeasure, signaling the community’s proactive approach to influencing token dynamics, the total of 657 million SHIB burned represents a small fraction of the token’s initial quadrillion supply. Nevertheless, the increase in burn rate may mark one of the largest upticks in recent weeks.
At the time of this report, SHIB has declined by 5.84% over the past 24 hours to reach $0.0000227, reflecting the broader collapse in the cryptocurrency market.
Shiba Inu is currently struggling to maintain the SHIB range valued at 51 trillion dollars, fluctuating between $0.000022 and $0.000025, with 57,520 addresses holding 51.27 trillion SHIB at an average price of $0.000023.
Successfully reclaiming this range may meet resistance in the $0.000025 to $0.000030 range, while loss of support could envision a retreat to the $0.000019 to $0.000022 area.
Meanwhile, the Shiba Inu community’s focus on “Shibarmy Scam Alerts” serves as a crucial warning. Handle X has issued alerts regarding numerous fraudulent groups impersonating official channels on Telegram. These scam groups may attempt to deceive users by offering exclusive content, gifts, investment opportunities, or by purportedly resolving transaction issues, among other tactics.
Read more Shiba Inu (SHIB) Faces Critical Test at 56 Trillion Level Amid Crypto Market Watch
Shiba Inu holders are advised to verify official channels, avoid suspicious links, refrain from sharing personal wallet addresses in public chat rooms, exercise caution in seeking assistance, never panic, and always verify responses with reputable community members.
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