Popular transaction tracker Shibburn, which monitors SHIB transfers to dead-end wallets, has shared that since last night, the SHIB army has been actively feeding meme coins into the virtual oven of zero wallets.
Your actions over the last day have caused a significant increase in the daily burn rate. This happened as the price of the second largest meme cryptocurrency, Shiba Inu, attempted to break out but failed to overcome the resistance of $0.00002888.
Burn rate increases by 515%
Data shared by the aforementioned source revealed that overnight, the SHIB burn rate skyrocketed by a whopping 572.29%, with 72,847,617 SHIB locked in non-fungible wallets. The largest single transfer to a “hell” wallet contained 70,605,175 SHIB coins and was made about an hour ago. The second largest was carrying 1,724,757 SHIB 22 hours ago, according to Shibburn.
Last week’s consumption rate reading does not seem so optimistic. A recently posted Shibburn tweet shows that over the past seven days, the community has sent 94,189,104 SHIB to zero wallets.
Most of the burns have always been done by SHIB users, where recently some new crypto projects have stepped in to help as they burned several billion SHIB.
SHIB’s own developer team claims that they also transfer approximately 400,000,000 Shiba Inu to unusable blockchain addresses each month.
SHIB Price Performance
While the burn rate of the prominent meme cryptocurrency has shown a huge increase, the price has so far not followed suit.
SHIB has shown an increase of about 4%, testing the resistance level of $0.00002888, but then pulled back and is changing hands at $0.00002848 at the time of writing.
Still, the good news is that since December 10, Shiba Inu has made an upward move of over 17%.
