SHIB Skyrockets 569% in Key Metric With 12.7 Million Shiba Inu Scorched

The SHIB army continues to make every effort to reduce the circulating supply of the meme coins. Since yesterday morning, it has succeeded in burning a staggering amount of SHIB, pushing the burn rate high.

SHIB burns skyrocket 570%

Recent figures publicly shared by the Shibburn explorer show that over the period of the last 24 hours, thanks to the mutual efforts of the community, 12,702,169 SHIB meme coins have been destroyed cumulatively. Even though this is the equivalent of a small sum in fiat, $331,02, still, this is a substantial daily contribution of the SHIB community to overall SHIB burns.

In this manner, they have already managed to transfer a total of 410,726,436,823,094 SHIB to unspendable blockchain wallets. Today’s daily burn rate has spiked by 569.98% thanks to the overnight burn. There have been 17 burn transactions so far, with the largest ones moving 3,081,664, 2,126,681 SHIB and several 1,000,000 SHIB lumps to dead-end addresses.

As for the weekly burn level, over the past seven days it has seen a major drawdown of 71.87%, with 40,412,565 SHIB removed from the circulating supply.

Overall, there remain 589,273,563,176,905 SHIB circulating in the vast and diverse cryptocurrency market.

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Recent SHIB price action

Meanwhile, the second-biggest meme cryptocurrency in terms of market capitalization value continues to move in a range, striving to break out. With a strong support level at $0.000022, the popular meme coin faces a strong resistance level at $0.000026 as it has been attempting to surge above it and hold there - to no avail so far.

Over the last week, SHIB has seen multiple volatility curves, with manifold price dumps and surges. Over the past 24 hours, the asset increased by more than 6%, rising from $0.00002515 and touching $0.00002628. However, it was taken down by a pullback to $0.00002548 - a decline of 5.17%. The coin managed to recover 2.53% by now and is changing hands at $0.00002613 at the time of this writing.

According to the Shibariumscan explorer, there has been a significant increase in transaction volume over the past few days. The transaction count plunged to 6,000 on May 14, then showing a 209.33% rise on May 20, soaring to 18,560 transactions. Currently, this metric sits at 10,900.