Shiba

Token

Burn

Millions

Shiba Inu

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This past week, dog-themed cryptocurrency <a href="https://u.today/shiba-inu-activity-skyrockets-382-in-quest-for-45-trillion-shib-level" rel="noopener noreferrer nofollow">Shiba Inu (SHIB)</a> witnessed a staggering 338% increase in burn rate, a strategic move that incinerated millions of SHIB tokens.
According to Shibburn's recent hourly <a href="https://twitter.com/shibburn/status/1789536029432545443" rel="noopener noreferrer nofollow">update</a>, the burn rate of SHIB tokens has surged by an astonishing 338.77% in the last seven days&nbsp;with&nbsp;200,591,910 SHIB incinerated. This uptick in token-burning activity underscores Shiba Inu's commitment to reducing its token supply and enhancing its long-term value proposition.
<blockquote>
 HOURLY SHIB UPDATE<a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a> Price: $0.00002261 (1hr -0.16% ▼ | 24hr 0.26% ▲ )Market Cap: $13,322,019,514 (0.29% ▲)Total Supply: 589,273,648,402,449TOKENS BURNTPast 24Hrs: 30,384,330 (-27.27% ▼)Past 7 Days: 200,591,910 (338.77% ▲)— Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1789536029432545443?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 12, 2024</a>
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Token burning, a common practice in the cryptocurrency space, involves permanently removing a certain number of tokens from circulation, thereby reducing the total supply.
<a href="https://u.today/shiba-inu-to-erase-zero-110-trillion-shib-holds-key-to-100-price-jump" rel="noopener noreferrer nofollow">Shiba Inu</a> has taken this strategy to heart with the community's dedicated efforts&nbsp;resulting&nbsp;in the obliteration of millions of SHIB, marking a 338% jump in the weekly burn rate. However, the daily burn rate was down 27.27%, with just 30,384,330 SHIB burned in the last 24 hours.
<h2 id="shib-large-holders-inflow-jumps-225">SHIB large holders inflow jumps 225%</h2>
On a seven-day basis,&nbsp;Shiba Inu has also&nbsp;experienced a remarkable 225% spike in a&nbsp;key&nbsp;metric that tracks the inflow of funds into whale addresses known as large holder inflows.
As Shiba Inu remains focused on sustaining momentum and driving growth initiatives, from expanding utility through partnerships and integrations to fostering community engagement and innovation, Shiba Inu whales seem to have been taking note.
At the time of writing, <a href="https://u.today/shiba-inu-733-trillion-shib-stays-profitable-amid-price-dip" rel="noopener noreferrer nofollow">SHIB</a> 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 is a&nbsp;key&nbsp;range where a substantial number of Shiba Inu addresses are holding 45 trillion SHIB.
Around where Shiba Inu trades&nbsp;according&nbsp;to IntoTheBlock data, 45.37 trillion SHIB&nbsp;were bought&nbsp;by 54,410 addresses in the range of $0.000021 and $0.000023 at an average price of $0.000022.
Maintaining the 45 trillion SHIB range remains&nbsp;key&nbsp;for the SHIB price as a loss of this&nbsp;key&nbsp;level might trigger a decline to the&nbsp;next&nbsp;support range of $0.000019 to $0.000021, while the&nbsp;next&nbsp;resistance range lies at $0.000023 to $0.000025 where 33,360 addresses are holding 13.09 trillion SHIB.

Shiba Inu's Weekly Burn Skyrockets 338%, Millions of SHIB Disappear

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