Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
Tracking platform Shibburn broke the news about a significant increase in the pace of SHIB meme coins being taken out of circulating supply. Several million SHIB It was transferred to a dead-end wallet.
Weekly burns are currently in the red, despite burning 10 times the amount of SHIB over the past seven days.
Meanwhile, the price of SHIB was moving sideways, regardless of the success of the SHIB army in the token burning field this time.
Burn rate increases by 936%
Data revealed by the Shibburn platform shows that over the past 24 hours, a total of 6,690,287 SHIB meme coins were transferred to unspendable blockchain wallets, resulting in a massive 936.52% increase in the daily burn rate.
The two largest transactions led to the removal of 3,507,923 and 2,300,437 shekels from trading.
Data on the number of SHIB tokens burned in the past week shows a reduction in the burn rate of approximately 60%, while 62,381,241 SHIB tokens were taken out of circulation and locked into non-spendable wallets.
Related to
SHIB Market Performance
Last Friday, the world's second-largest cryptocurrency by market capitalization, SHIB, surprised the market with a rapid increase of about 30% as it jumped from $0.00001859 to $0.00002406.
However, since then, the popular meme coin has been facing a decline, now totaling 9.61%, with SHIB trading at $0.00002168. This week, SHIB has been trading sideways, trying to break the $0.00002200 resistance level.
Source link