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Dog-themed cryptocurrency Shiba Inu has seen a staggering 64,201% surge in burn rate, with a whopping 657 million SHIB permanently removed from circulation.
According to the Shibburn X account, 657,148,384 SHIB tokens were burned in the last 24 hours in eight transactions. This came to $13,878 in monetary terms.
A whopping 650 million SHIB was sent to dead addresses in a single enormous burn, contributing to the significant increase in the amount burned.
The timing of this burn coincides with a broader market downturn, often referred to as a "crypto bloodbath," where many digital assets have experienced substantial losses.
In this context, the massive SHIB burn stands out as a bold countermove, demonstrating the community's proactive approach to impacting the token's market dynamics.
The total 657 million SHIB burned accounts for a slight portion of the token's total supply, initially a quadrillion. However, the burn rate increase might be one of the largest in recent weeks.
At the time of writing, SHIB was down 5.84% in the last 24 hours to $0.0000227, mirroring the broader crypto market crash.
According to on-chain data from IntoTheBlock, Shiba Inu is currently battling to hold a 51 trillion SHIB range, which lies between $0.000022 and $0.000025, which is where 57,520 addresses hold 51.27 trillion SHIB at an average price of $0.000023.
If this range is successfully reclaimed, resistance might be met in the $0.000025 to $0.000030 range; if it is lost, support might be envisaged in the $0.000019 to $0.000022 area.
Shiba Inu community gets warning
Shiba Inu-focused X handle "Shibarmy scam alerts" has issued a critical alert to the Shiba Inu community on many fake groups impersonating legitimate channels on Telegram.
These fraudulent groups may attempt to deceive users by promising exclusive content, giveaways and investment opportunities, or by attempting to resolve issues with transactions, among other things.
Shiba Inu holders are advised to verify official channels, avoid suspicious links and never post personal wallet addresses in public chat rooms. They should also avoid rushing to seek help, never panic and always verify responses with reputable community members.
Gamza Khanzadaev
Denys Serhiichuk
