The dog-themed cryptocurrency Shiba Inu (SHIB) burned millions of SHIB tokens this past week due to a startling 338% rise in burn rate.
The burn rate of SHIB tokens has increased by an astounding 338.77% over the previous seven days, with 200,591,910 SHIB burned, according to Shibburn’s most recent hourly report. Shiba Inu’s dedication to lowering its token supply and improving its long-term value proposition is demonstrated by this increase in token-burning activities.
https://x.com/shibburn/status/1789536029432545443
A popular cryptocurrency technique called “token burning” is taking a specific number of tokens out of circulation permanently in order to lower the overall supply.
Shiba Inu has taken this tactic to heart, as seen by the community’s tireless efforts, which have led to the destruction of millions of SHIB and a 338% increase in the weekly burn rate. With just 30,384,330 SHIB burnt in the previous day, the daily burn rate was down 27.27%.
SHIB large holders inflow jumps 225%
Shiba Inu has also seen an astounding 225% increase in a critical statistic over the past seven days that monitors the input of money into whale addresses, or huge holder inflows.
Whales appear to have taken note as Shiba Inu continues to concentrate on maintaining momentum and propelling growth strategies, from increasing utility through partnerships and integrations to encouraging community interaction and innovation.
As of this writing, SHIB has dropped 0.14% to $0.00002256 over the previous day due to the continued weak activity in the cryptocurrency market.
A pivotal range where a significant portion of Shiba Inu addresses are holding 45 trillion SHIB is at the centre of the Shiba Inu price movement.
54,410 addresses purchased 45.37 trillion SHIB at an average price of $0.000022, inside the range of $0.000021 and $0.000023, the Shiba Inu trading area, according to IntoTheBlock statistics.
The 45 trillion SHIB range is still crucial for the SHIB price to stay above. If this level is lost, the price may drop to the following support and resistance ranges, which are $0.000019 to $0.000021 and $0.000023 to $0.000025, respectively, where 33,360 addresses are holding 13.09 trillion SHIB.
