Shibburn blockchain sleuth focused on Shiba Inu meme cryptocurrency has shared that the burn rate of the second biggest canine token by market capitalization value, Shiba Inu, has put up a monstrous spike of nearly 11,000% over the span of the past 24 hours.
SHIB burn rate holds high after recent jump
According to Shibburn, the joyful rise of the Shiba Inu burn rate since yesterday morning constitutes a jaw-dropping 10,653.65%. In this particular case, this figure stands for more than a quarter million burned meme coins – 297,573,479 SHIB.
The majority of this astounding SHIB amount was burned in two transfers; they carried 261,408,966 SHIB and 21,527,028 SHIB to dead blockchain addresses, Shibburn X account shows.
This is so far the second biggest burn rate surge this week. The first one was on Tuesday, when the faithful Shiba Inu community succeeded in pushing it to a whopping 499,363% rise.
HOURLY SHIB UPDATE$SHIB Price: $0.00000811 (1hr -0.45% ▼ | 24hr -2.25% ▼ )
Market Cap: $4,779,452,426 (-2.13% ▼)
Total Supply: 589,336,895,163,727TOKENS BURNT
Past hour: 6,134,969 (1 transaction)
Past 24Hrs: 297,573,479 (10653.65% ▲)
Past 7 Days: 321,843,771 (10.97% ▲)— Shibburn (@shibburn) November 28, 2023
SHIB price loses 6.4% since weekend as it strives to break out
In the meantime, Shiba Inu price has recorded a 6.41% decline since the week started, dropping from the $0.00000866 level to the $0.0000080 price tag, where it is trading at the moment.
Twice this week so far, SHIB has tried to break out of the range it has been trading in, testing the support level at $0.00000805 and bouncing upward each time subsequently.
There has also been progress regarding weekly burns – according to the Shibburn X post, within the past seven days, the SHIB army disposed of 321,843,771 SHIB in total. This makes up for recent negative readings of this indicator and pushed the weekly burn rate up nearly 11%.
Overall, the Shiba Inu supply in circulation remains 589,336,895,163,727 SHIB, and regular Shiba Inu burns have so far failed to reduce it at a scale that would make a SHIB price surge possible now.
SHIB rep shares five criteria for potential market leading coin
The official social media marketing specialist of the Shiba Inu team, who prefers to call herself Lucie on social media, took to the X platform to share what she believes to be five important criteria at which investors need to look first of all as they seek crypto that has the potential to become a healthy leader on the cryptocurrency market.
Especially, these five points should be considered, she wrote, when the market is in decline, as it is at the moment.
These signs, per Lucie’s X post, include a clear vision that a project with long-term targets needs to have, high support of its community, an actively working team of developers (it is worth constantly checking for new updates in this sphere for users), constantly or at least frequently making new partnerships – which allow for wider adoption and, finally, a potentially successful crypto project needs to show strong fundamentals.
5 Signs to Trust a Token Amid Price Decline
1. Clear Vision: Consider the project’s long-term goals.
2. Community Engagement: A supportive community is key.
3. Active Development: Check for ongoing improvements.
4. Real-World Use: Look for adoption or partnerships.
5. Strong… pic.twitter.com/kwxIB0BGsw
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) November 26, 2023
The Shibarium trifecta, which includes SHIB, BONE and LEASH tokens, constantly boast new listings, which gathers large communities around these coins. Besides, the SHIB team continuously implements new features and shares new updates with the community. Recently, BONE token emerged in the DeFi section of the Binance mobile app.
Many in the SHIB community joyfully took it as a hint that a listing on Binance may follow soon.
