A significant number of Shiba Inus have burnt in the past 24 hours, according to Shibburn. In six transactions throughout the course of the previous day, 8,620,452,653 SHIB tokens were burnt.
This enormous sum was a contributing factor to the 8,655,012,764 SHIB tokens burnt during the previous seven days. A startling increase in the SHIB burn rate was also brought on by the daily jump in SHIB burn volumes.
https://x.com/shibburn/status/1736250135087120841?s=20
The Shibburn website reports an amazing 727,870% increase in the Shiba Inu daily burn rate. The spike occurs soon after a substantial quantity of SHIB, over 8.61 billion tokens, were transferred to inactive wallets.
To the excitement of the SHIB community, the Shiba Inu team executed the second large burn on Shibarium, delivering 8.61 billion SHIB to dead wallets at a time.
A SHIB team member named Lucie reported this significant burn and says there will be more. The SHIB team said earlier in the week that, in the event of a recall, further large fires would be carried out.
Lucie proceeded to provide proof of 8,615,169,427.76 SHIB, which is equivalent to $89,597,76, being transferred to inactive wallets.
Early in December, the SHIB team completed the first-ever burn on Shibarium, transferring a whopping 8,241,856,589 (8.24 billion) SHIB valued at $75,412 to dead wallets in a one transaction. This marked the beginning of a new burn period for Shiba Inu. At this time, transactions on Shibarium surged dramatically.
Shibarium transactions have increased to 125,999,571 at this time, surpassing 125 million in less than three months. Since December 2, the Shiba Inu Layer 2 has witnessed an average of 7.5 million daily transactions; in the past 24 hours, there have been 7.53 million daily transactions.
Shiba Inu’s price is responding well to the significant burn, rising 12% in the previous day to trade at $0.00001069. This level suggests that there may be further gains ahead for the SHIB price.
Crypto expert Ali claims that Shiba Inu is nearing a breakthrough. The next target for SHIB might be $0.0000140 if it continues to hold the critical support level of $0.0000103. This amounts to a 40% rise above the going rates.
