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The Shiba Inu burn rate has recently witnessed a 3,464% spike, with 9,614,765 SHIB gone in a matter of hours.
According to Shibburn, 9,614,765 SHIB were burned in the last 24 hours, resulting in a significant surge in daily burn rate.
This sudden spike in SHIB burns has triggered attention in the SHIB community. While the amount burned might seem small relative to SHIB's total supply, the large percentage rise in burn rate is what is getting people's attention.
Several single transactions accounting for hundreds of thousands of SHIB each accounted for the total burn figure. Although the identity of the sending wallets remains unknown, these kinds of coordinated burns often reflect strong community sentiment.
Meanwhile, 23,317,751 SHIB were destroyed in the last seven days. The prior week, the ecosystem had a 16,855.93% increase in the burn rate in one day, burning 602 million tokens.
A total of 410,752,089,360,220 SHIB had been burned from the cryptocurrency's initial one quadrillion token supply. This leaves the cryptocurrency market with 584,612,601,558,519 SHIB in circulation.
SHIB price jumps 4%
Around press time, Shiba Inu was up 4% in the last 24 hours to $0.00001258, reflecting a broader rise in the crypto market.
Cryptocurrencies jumped Thursday on speculation that Bitcoin and other digital assets could soon be added to 401(k) retirement plans.
An executive order allowing 401(k) accounts to invest in alternative assets such as private equity, real estate and digital assets is expected to be revealed soon, marking the most significant move yet to introduce private assets to defined-contribution plans.
Shiba Inu is currently battling resistance at the daily SMA 50 at $0.00001267 ahead of the daily SMA 200 at $0.00001375. If surmounted, Shiba Inu might kickstart its next leg of uptrend. On the other hand, support lies at $0.0000116.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team