Shiba Inu, a leading meme coin, has witnessed an incredible increase in burn rates, with reports indicating that more than 410.7 trillion of its maximum supply has been burned since its inception. Additionally, a recent impressive surge of 4200% has brought Shiba Inu back into the spotlight, capturing the attention of cryptocurrency investors.
Shiba Inu is Ablaze
The Shiba Inu burn rate, calculated by the well-known tracker Shibburn, saw an unbelievable increase of 4240.91% as of yesterday, with 15.71 million SHIB tokens burned in the last 24 hours, garnering investor interest.
The popularity of SHIB among cryptocurrency investors is not solely attributed to its status as a meme coin, but also seems to be supported by strategic actions.
Looking at past burns, it is evident that a significant portion of Shiba Inu’s total supply has been permanently removed from circulation.
As of the time of writing, it is known that more than 410.7 trillion SHIB tokens have been removed from circulation, and there are no signs of a slowdown in the burn rate.
The burns that occurred in the last 24 hours were carried out by various wallets. A closer look at the highest burns reveals that one wallet burned 7.33 million SHIB, another burned 5.57 million SHIB, and a third address was responsible for burning 1.25 million SHIB.
The burns conducted by different wallets also suggest that various investors may be contributing to SHIB’s progress.
How Much is Shiba Inu Worth?
Despite the over 4000% increase in burns, a price drop in SHIB was observed at the time of writing. The price of Shiba Inu was trading at $0.000008827, down 1.08% in the last 24 hours.
On the other hand, the trading volume also decreased by 14% to $88.56 million in the last 24 hours. The lowest value of SHIB token during this period was $0.000008755, while the highest was $0.000008982.
Market analysts believe that if SHIB price can surpass the initial resistance of $0.00001, it may potentially increase in value. If this level is exceeded, a move to $0.000015 could begin. Successfully passing both resistances could also pave the way for SHIB to reach $0.00003.
