Last week, the dog-themed cryptocurrency Shiba Inu (SHIB) witnessed a staggering 338% increase in burn rate, a strategic move that incinerated millions of SHIB tokens.
Last week, the dog-themed cryptocurrency Shiba Inu (SHIB) witnessed a staggering 338% increase in burn rate, a strategic move that incinerated millions of SHIB tokens.
According to the recent Shibburn hourly report update, the SHIB token burn rate has increased by a staggering 338.77% in the last seven days with 200,591,910 SHIB burned. This increase in token burning activity underscores Shiba Inu’s commitment to reducing its token supply and improving its long-term value proposition.
Token burning, a common practice in the cryptocurrency space, involves permanently removing a certain number of tokens from circulation, thereby reducing the total supply.
Shiba Inu has taken this strategy to heart with dedicated community efforts resulting in the destruction of millions of SHIB, marking a 338% increase in the weekly burn rate. However, the daily burning rate dropped by 27.27%, with only 30,384,330 SHIB burned in the last 24 hours.
Inflow of large SHIB holders increases by 225%
In seven days, Shiba Inu also saw a notable 225% increase in a key metric that tracks fund inflows to whale addresses known as large holder inflows.
As Shiba Inu remains focused on maintaining momentum and driving growth initiatives, from expanding utility through partnerships and integrations to fostering community engagement and innovation, Shiba Inu whales appear to have been taking note.
At the time of writing, SHIB was down 0.14% in the last 24 hours to $0.00002256 as the crypto market persisted in lackluster trading.
At the heart of the Shiba Inu price action lies a key range where a substantial number of Shiba Inu addresses hold 45 trillion SHIB.
According to data from IntoTheBlock, around where Shiba Inu is listed, 54,410 addresses bought 45.37 billion SHIB in the range of $0.000021 and $0.000023 at an average price of $0.000022.
Maintaining the 45 trillion SHIB range remains key for SHIB price as a loss of this key level could trigger a drop to the next support range of $0.000019 to $0.000021, while the next resistance range is at $0.000023 to $0.000025, where 33,360 addresses have 13.09 billion. SHIB.
