The daily burn rate of Shiba Inus is increasing by 535%, according per the Shibburn website. Eight transactions totaling 8,107,271 SHIB tokens were burnt in the last day.
The sharp rise in the SHIB burn rate was caused by the fact that six transactions the previous day burnt a total of 1,275,013 SHIB tokens.
In the meanwhile, in the past week, more than a quarter of a billion SHIB tokens have been burnt. According to Shibburn, 66 transactions over the past seven days have burnt a total of 259,383,545 SHIB tokens.
According to IntoTheBlock statistics, the amount of Shiba Inu transactions decreased to 2.62 trillion SHIB on the most recent day. The entire amount of transactions recorded on-chain is determined by the Transactions amount indicator.
1.33 trillion SHIB were transacted in the last 24 hours due to high transaction volumes. Whale activity is indicated by a high transaction volume, which only includes transactions with a value of $100,000 or more.
As of this writing, SHIB was up 1.7% to $0.000008, its highest level in the previous day. Bulls drove the price upward from the low of $0.00000763 on November 3rd, and Shiba Inu once more hit the psychological milestone of $0.000008.
The daily moving averages (MA) of the Shiba Inu are now trading between 50 and 200, and a break in either direction might indicate the next move.
Bulls in Shiba Inus would challenge the $0.00000825 level to the upside in order to maintain the current trend, with a goal of $0.00001134 in sight.
Shibarmy Scam Alerts has issued another warning to the Shiba Inu community, stating that there are an increasing number of phoney websites and NFT dumps asking people to link their cryptocurrency wallets and redeem cash.
Shiba Inu owners are thus advised to confirm the URLs and hold off on connecting their cryptocurrency wallets to websites until they have completed their due diligence.
