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Shiba Inu's burn rate soared by over 25,000%, sparking intense speculation about potential price impacts amid a broader market downturn.
Shiba Inu's Burn Rate Skyrockets, Signaling Strong Deflationary Trend Amid Market Challenges
Shiba Inu burn rate measures have increased significantly, confirming its deflationary state. Shibburn data shows that the Shiba Inu burn rate increased by 25,035.22% in the last 24 hours, Coingape reported.
Despite the recent cryptocurrency massacre and price reduction in the broader market, Shiba Inu appears to be beating the odds in this crucial deflationary statistic.
The Ethereum-based memecoin has piqued investors' interest, evident in its burn rate. The parabolic climb of more than 25,000% shows that investors may have found a crucial driver to rely on.
The Ethereum-based memecoin has piqued investors' interest, evident in its burn rate. The parabolic climb of more than 25,000% shows that investors may have found a crucial driver to rely on.
Specifically, 658,082,956 SHIB were destroyed in eleven transactions within the last 24 hours. In terms of monetary value, the torched SHIB token was worth $14,385, based on its current market value. This puts the total amount of SHIBs burned from the original supply to 410,725,555,674,170.
Notably, the recently burned SHIB represents only a small portion of the token's overall supply, initially a quadrillion. At the same time, it is one of the largest the protocol has seen in recent weeks. There has been a huge rise in the number of SHIB burned compared to previous periods, as a whopping 650 million SHIB was delivered to dead wallets in one massive burn.
SHIB Coin Faces Volatility Amid Market Downturn, Struggles to Regain Key Resistance Levels
The price of the SHIB coin has dropped by roughly 11.77% to $0.0000217. The token is likely mirroring the overall crypto market slump.
SHIB's market capitalization is down 12% to $12.7 billion, with a daily trading volume of $1.9 million. The drop in the price of the dog-themed memecoin indicates that the burn rate has yet to have a beneficial impact on the token, which many in the community believe will change soon.
Shiba Inu is now trying to maintain a 51 trillion SHIB resistance range between $0.000022 and $0.000025. Successfully recovering this range will place the self-proclaimed Dogecoin (DOGE) killer's resistance between $0.000025 and $0.000030. If this is not the case, and SHIB loses the range, it may fall to a support level between $0.000019 and $0.000022.
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