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The Shiba Inu burn rate has skyrocketed as millions of SHIB tokens are delivered to dead wallets.
According to the Shibburn website, the SHIB burn rate has increased by 7,700% in the last 24 hours, with a total of 266,727,310 SHIB tokens burned across 21 transactions.
Meanwhile, more than 500 million SHIB were burned in the week just ended. Shibburn indicates that 544,958,383 SHIB tokens have been burned in 284 transactions in the last seven days.
The Shiba Inu price hit a two-month high of $0.00000825 on October 26 as the market experienced a bullish comeback. Shiba Inu saw some profit-taking after this high, with prices falling to $0.00000757 on October 27.
On October 28, the Shiba Inu price recovered and continued to rise in early trading on Sunday. SHIB is up 3.29% in the last 24 hours to $0.00000807 and 15.40% in the last seven days at the time of writing.
SHIB has been rising steadily since October 19, when it hit lows of $0.0000066. Following this, SHIB has spent nine of the last eleven days in the green. SHIB broke through the crucial MA 50 daily barrier of $0.00000726, which had been impeding its price since August.
With this achievement, SHIB is once again approaching a price target that could fuel its next big move.
Shiba Inu bulls must now break the daily MA 200 barrier at $0.00000823 to extend the current rise. If this is broken, Shiba Inu may launch a new move targeting the $0.00001134 level.
Shiba Inu teases “good surprise”
The official Shiba Inu X Account delivers an exciting message about the upcoming SHIB identity reveal, telling the community to prepare for a seismic shift in the blockchain world.
Shiba Inu announced his “good surprise” to his community, stating that the first step in unlocking a unique SHIB identity was on the horizon. As the countdown to the reveal begins, she also announces a $5,000 SHIB giveaway.
As defined, self-sovereign identity is a series of protocols and technologies that allow a user in a system to retain their identity (and other verified credentials) as well as their assets in a wallet.
