Shiba Inu Burn Rate Soars by Over 1,020% Incinerating Millions of Tokens
The Shiba Inu (SHIB) burn rate has seen a significant spike in recent days, with over 1,020% increase in daily burns. According to data from Shibburn, 20.82 million SHIB tokens were incinerated in the last 24 hours alone. This surge in burn rate follows a period of relatively flat activity, where the daily burn rate had fallen to around 2.55 million SHIB on August 29.
The total number of SHIB burned in the last seven days stands at 85.48 million, with a weekly burn rate down 46.20%. In contrast, 607.34 million SHIB has been burned over the last 30 days.
Despite this surge in burn rate, the Shiba Inu price remains relatively stable, up 0.81% in the last 24 hours. However, it is worth noting that the price fell below its daily moving average of $0.00000538 and may continue to face resistance at this level.