Shiba

Burn

Millions

when

Shiba Inu

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Dog-themed cryptocurrency <a href="https://u.today/shiba-inu-65-trillion-shib-at-risk-as-price-suddenly-drops-4" rel="noopener noreferrer nofollow">Shiba Inu (SHIB)</a> has witnessed a significant surge in token burns, with a remarkable 192% increase in the last 24 hours. The recent surge in burns has led to the removal of millions of &nbsp;SHIB tokens from circulation, with the Shiba Inu community taking part in the activity to create scarcity.
According to the <a href="https://x.com/shibburn/status/1797206570578657784" rel="noopener noreferrer nofollow">Shibburn X</a> account, a total of 4,796,486 SHIB tokens were burned in the last 24 hours, representing a 207.81% increase in burn rate.
This notable spike in SHIB token burns comes at a time when the market is eagerly anticipating a significant price shift amid lackluster trading activity in Bitcoin and other major cryptocurrencies, including SHIB.
<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: $0.00002476 (1hr -0.50% ▼ | 24hr -2.11% ▼ )Market Cap: $14,562,537,792 (-2.20% ▼)Total Supply: 589,273,509,323,475TOKENS BURNTPast 24Hrs: 4,796,486 (207.81% ▲)Past 7 Days: 28,864,797 (-38.02% ▼)— Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1797206570578657784?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 2, 2024</a>
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This week's muted action in <a href="https://u.today/bitcoin-btc-welcomes-100-billion-wave-from-new-mega-whales" rel="noopener noreferrer nofollow">Bitcoin</a>, which has generally remained in the $67,000-$69,000 zone, coincided with struggles for other risk assets, U.S. stocks among them.
<a href="https://u.today/crucial-shib-rewards-warning-issued-to-shiba-inu-community" rel="noopener noreferrer nofollow">Shiba Inu</a> is also experiencing profit-taking, declining into its fourth day after an impressive surge earlier in the week.
After three consecutive days of increases, Shiba Inu jumped as much as 20% to reach highs of $0.0000294 on May 29. However, following this impressive ascent, the dog-themed coin is now experiencing a phase of profit-taking as investors seek to capitalize on the gains.
At the time of writing, <a href="https://u.today/shiba-inu-shib-forms-golden-cross-on-hourly-charts-details" rel="noopener noreferrer nofollow">SHIB</a> was down 2.18% in the last 24 hours to $0.00002473, coinciding with a broader market decline that saw most cryptocurrencies trading in red.
The market's reaction to the present profit-taking phase might be crucial in determining SHIB's short-term price trajectory. If the selling pressure is absorbed by buyers, the price may stabilize or even continue its upward trajectory. On the other hand, if the profit-taking leads to a more sustained sell-off, it could test the support levels of the SHIB price.
In this scenario, Shiba Inu sustaining above the daily SMA 50 at $0.00002454 could be critical in maintaining SHIB's upward price momentum and preventing additional losses.

Millions of SHIB Go Up in Smoke as Shiba Inu Burn Rate Skyrockets by 207%

U_Today

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