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<p class="is-style-lead">Shiba Inu (<a href="https://crypto.news/price/shiba-inu/" rel="noopener noreferrer nofollow">SHIB</a>) has witnessed a 24-hour surge in its burn rate despite the latest price consolidation plaguing the asset. The asset has continued to trade in a range after the drop below $0.000008.&nbsp;</p> 
<p>Shibburn, the unofficial community-driven Shiba Inu burn tracker, called the public’s attention to the recent surge in one of its latest hourly alerts. Data suggests the burn rate has increased by 393% over the past 24 hours.</p> 
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   <p lang="en" dir="ltr">HOURLY SHIB UPDATE<a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SHIB</a> Price: $0.00000773 (1hr -0.12% ▼ | 24hr -1.09% ▼ )<br>Market Cap: $4,563,394,366 (-1.08% ▼)<br>Total Supply: 589,348,278,063,308<br><br>TOKENS BURNT<br>Past 24Hrs: 155,967,972 (393.56% ▲)<br>Past 7 Days: 358,621,707 (-71.16% ▼)</p>— Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1681891733276065794?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 20, 2023</a> 
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<p>While this metric projects a favorable outlook for Shiba Inu, it falls short compared to historical data and the broader burn campaign. Notably, the 393% increase in burn rate was triggered by the incineration of a mere 155.9 million SHIB over the last 24 hours.</p> 
<p> You might also like: <a href="https://crypto.news/dormant-shib-whale-shifts-10t-tokens-amid-price-consolidation/" rel="noopener noreferrer nofollow"> Dormant SHIB whale shifts 10t tokens amid price consolidation </a> </p> 
<p>Moreover, despite the 393% daily increase, the burn rate has significantly declined over the past week. The weekly burn rate currently stands at a paltry 358.6 million SHIB tokens. At this rate, it would take over 2,788 weeks, or 53 years, to burn 1 trillion tokens out of the extensive supply of 589 trillion.</p> 
<p>Due to the constantly discouraging burn rate, the community has championed narratives to bolster burns. Shibarium, the upcoming layer-2 scaling solution, is expected to provide ample support and drive utility to the ecosystem.</p> 
<h2 class="wp-block-heading" id="whale-moves-2-4-trillion-shib-amid-price-decline">Whale moves 2.4 trillion SHIB amid price decline</h2> 
<p>Meanwhile, Shiba Inu whales have continued to <a href="https://crypto.news/dormant-shib-whale-shifts-10t-tokens-amid-price-consolidation/" rel="noopener noreferrer nofollow">move</a> substantial amounts of the asset across exchanges. One of the latest whale transactions involved an outflow from BinanceUS, as detected recently by Whale Alert.</p> 
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   <p lang="en" dir="ltr">🚨 2,416,836,656,676 <a href="https://twitter.com/hashtag/SHIB?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#SHIB</a> (18,771,570 USD) transferred from <a href="https://twitter.com/hashtag/BinanceUS?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BinanceUS</a> to unknown wallet<a href="https://t.co/8ujqIZ5C5i" target="_blank" rel="noopener noreferrer nofollow">https://t.co/8ujqIZ5C5i</a></p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1681769116049260546?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 19, 2023</a> 
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<p>Notably, a whale address witnessed an <a href="https://etherscan.io/tx/0x5df34d1a0b4c9f54ed3f89b8289f04831e40efb8fa70632347d2ba39e882bf62" target="_blank" rel="noopener noreferrer nofollow">inflow</a> of 2.416 trillion SHIB ($18.94 million) at 8:52 PM (UTC) on July 19. On-chain investigation suggests that the address might be affiliated with BinanceUS, but the exchange has not confirmed this as of press time.&nbsp;</p> 
<p>This transaction, the whale’s first Shiba Inu movement, occurred when the asset was consolidating underneath the $0.000008 zone after dropping below it on July 17.&nbsp;</p> 
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 <img decoding="async" width="1137" height="611" src="https://crypto.news/app/uploads/2023/07/SHIB-price-July-20.png" alt="Shiba inu (SHIB) burn rate soars 393% despite recent drop - 1" class="wp-image-14179530"> 
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   SHIB price – July 20 | Source: Trading View 
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<p>Shiba Inu failed to secure a solid position above the $0.000008 territory amid the market-wide rally triggered by the SEC vs. Ripple <a href="https://crypto.news/xrp-is-not-a-security-us-judge-rules/" rel="noopener noreferrer nofollow">ruling</a>. The asset soared to a high of $0.00000853 on July 15 but was summarily displaced.&nbsp;</p> 
<p>Despite the bearish outlook, SHIB retains a gain of 4.27% over the past week, with a 0.90% appreciation in the last 24 hours. The asset is currently trading for $0.00000780 at the time of reporting.</p> 
<p> Read more: <a href="https://crypto.news/shiba-inu-ecosystem-to-showcase-shibarium-in-toronto/" rel="noopener noreferrer nofollow"> Shiba Inu ecosystem to showcase Shibarium in Toronto </a> </p>

Shiba inu (SHIB) burn rate soars 393% despite recent drop

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