Skyrocket Burns SHIB 319,571% – What’s going on?
Millions of Shiba Inus suffer as a key SHIB statistic indicates a six-figure spike.
According to statistics released by well-known cryptocurrency tracker Shibburn, the SHIB community has stayed committed to eliminating meme currencies from circulation.
Over the course of the last day, the burn rate has increased to six figures, sending several tens of millions of SHIB to a virtual inferno.
Increase in burn rate of 319.571%
According to a tweet sent by Shibburn earlier today, the community has forced 35,713,674 Shiba Inu meme coins out of circulation, permanently locking those SHIB in unspendable wallets. The SHIB burn rate jump included an astounding 319,571.27%.
The three largest transactions contained 8,804,670 Shiba Inu meme coins, 11,196,225 SHIB, and 15,546,918 SHIB.
Examining the SHIB burns that were carried out in the last week, we can observe that they are marginally in the red zone, with a negative 94.31%. The real quantity of SHIB coins that have been destroyed, however, is almost four times greater and amounts to 138,987,010 SHIB.
According to U.Today, an anonymous whale assisted in the burning of SHIB tokens on Monday by moving 20,035,968 SHIB in a single transaction to a dead-end wallet.
The new Bitcoin record peak has little effect on the price of SHIB
Bitcoin, the most popular cryptocurrency in the world, managed to hit a new all-time high of $107,780 on Monday. Although SHIB has previously responded to Bitcoin price drops and spikes, the relationship between the two appears to have vanished thus far.
Last week, the SHIB price printed a comeback of almost 22%. Since then, it has been drifting sideways on a little declining trajectory. SHIB has been attempting to overcome the $0.00002822 resistance level since falling from the $0.00002978 level behind, but has not been successful thus far.
SHIB, the second-largest meme coin in terms of market capitalization size, is trading at $0.00002738 following a slight 2% increase today.
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