Shiba Inu Holds Steady Above $0.000008, Burn Rate Spikes 913% in 24 Hours
Shiba Inu (SHIB) has maintained its position above the $0.000008 level, showing a steady trend despite the overall consolidation in the crypto market. The lack of significant developments in the crypto space has contributed to this consolidation pattern since November 27.
After experiencing an 8.19% decline on November 21, SHIB recovered and reached a local high of $0.00000866 with support from the broader market.
The bears have been attempting to push Shiba Inu below the $0.000008 level, but the asset has held strong defense at $0.00000805.
Shiba Inu Burn Rate Spikes 913%
Despite the stagnant price movements, Shiba Inu’s burn campaign has seen a significant increase in burn rate. According to Shibburn, there has been a remarkable 913% surge in burn rate, with 82.89 million SHIB tokens burned in the past 24 hours.
A large portion of these tokens, approximately 82.86 million, were burned in a single transaction by an unknown wallet address.
However, while daily burns have spiked, weekly burns have only increased by 53%, totaling 410.5 million tokens over the past seven days.
Hot Take: Shiba Inu Holds Steady Amid Consolidation and Sees Surge in Burn Rate
Shiba Inu (SHIB) continues to hold firm above the $0.000008 level amidst consolidation in the broader crypto market. The lack of significant developments has contributed to this trend.
Meanwhile, SHIB’s burn rate has experienced a massive 913% spike, with 82.89 million tokens burned in the past 24 hours. However, the increase in weekly burns has been less impressive at 53%.
Despite the price stagnation, Shiba Inu remains resilient, defending its position above $0.000008. It will be interesting to see how SHIB performs in the coming days as market conditions evolve.
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