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Data shared by popular blockchain tracking platform Shibburn has revealed an astounding surge in one of the major Shiba Inu metrics — the token burn rate.
Over the past day, SHIB burns have staged a six-figure increase. However, the question is whether it can push the Shiba Inu price any higher or not.
SHIB up 341,896%, but there's a catch
According to the aforementioned data source, the SHIB burn rate metric has skyrocketed by a whopping 341,896.27% over the past 24 hours. This data was provided by the Shibburn website.
However, the amount of destroyed meme coins was not extensive — only 1,313,162 SHIB. The largest single transfer that moved SHIB to an unspendable blockchain wallet comprised 1,033,449 SHIB. Alas, the burned amount of coins was too little to have any, even the tiniest, impact on the SHIB price.
SHIB market performance
Over the past day, the second-largest meme cryptocurrency, Shiba Inu, has demonstrated a price increase of 3.42%. Over the weekend, it has managed to recover from Friday’s minor price decline. Today it attempted to test the $0.00001274 resistance level but was rejected and pushed back down.
At press time, SHIB is changing hands at $0.00001270 per coin.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team