Shiba Inu has experienced an impressive surge in its burn rate, with a staggering 6,153% increase over the past week. In the last seven days, a total of 5,761,510,009 SHIB tokens were burned, representing a 6,137.49% rise in burn rate. This substantial burn was achieved through coordinated efforts within the Shiba Inu ecosystem, including contributions from the community and token burns from projects within the ecosystem.
One notable event that contributed to the weekly burn rate surge was a significant burn on November 1, where a staggering 5,612,878,479 SHIB tokens were burned in six transactions. In October alone, 6,133,934,758 SHIB tokens were burned in 105 transactions. These burns have led to a reduction in the total supply of SHIB tokens, aligning with the community’s long-term goal of increasing token value through scarcity.
Despite the substantial burn over the past week, no SHIB tokens were burned in the last 24 hours. Shiba Inu’s decline in value has also been observed, with the token down 4% in the last 24 hours to $0.00001709. This can be attributed to a broader market sell-off that saw Bitcoin dip below $69,000. However, there is potential for a relief rally and recovery in the SHIB price, with critical support near the daily Simple Moving Average (SMA) 50 at $0.000017 and a possible target of the daily SMA 200 barrier at $0.00001845.