The Shiba Inu burn rate has seen a significant recovery over the past day as the number of tokens sent to the burn address has increased significantly. This recovery comes at a time when the cryptocurrency market has started to move towards the green again, and digital assets like Shiba Inu have started to recover from their lows.
Shiba Inu burn rate increased by 874%
Shiba Inu Burn Rate serrated To new weekly highs as positive sentiment returns. In the last 24 hours alone, over 8.7 million SHIB tokens were sent to the dead address, resulting in an 874.74% increase in the burn rate.
To get a more accurate number, 8,772,074 SHIB tokens were burned over the past day. This burn came from a total of six wallets. However, the majority of the burns came from just one wallet across two transactions less than 12 hours ago at the time of writing.
The wallet identified as “0xa9d1e0” burned over 95% of the total burn value, sending millions of tokens to the burn address. In the first transaction, the Shiba Inu address sent 5 million tokens to the burn wallet. Minutes later, the same Shiba Inu address sent 3.44 million tokens to the burn address.
Other noteworthy burn transactions include another 100,000 token burn by the above-mentioned address, another Shiba Inu address burning 156,753 tokens in one go, and another address burning 52,519 tokens, with 9,093 tokens being the lowest burn rate.
SHIB price rises from its lowest levels
At the moment, the Shiba Inu burn rate seems to be following the recovery in Shiba Inu price. Over the past week, Shiba Inu price rose by more than 10% before pulling back again. However, bulls are still in control as the price holds the $0.000017 support very firmly.
The demand for the meme coin is also increasing as daily trading volume has skyrocketed. Coinmarketcap data shows that Shiba Inu’s daily trading volume has surged 51% in the last day, reaching over $700 million in the 24-hour period.
If demand continues to rise from here, SHIB price could recover again. From here, a 20% move would take the price above $0.00002, turning this current resistance into support for the bulls. This could serve as a bounce point for further gains.
At the time of writing, SHIB is trading at $0.00001749, down 9.18% in the last day.
Featured image created using Dall.E, chart from Tradingview.com