Crypto SHIB on Fire: Burning Rate Over 64,000%!

After a meteoric rise in March, the Shiba Inu cryptocurrency is stabilizing. Despite this, SHIB supporters remain confident about a future bull run. To reverse the trend, a significant token burn was carried out, resulting in a 64,000% increase.

Shibburn: The Flame that Ignites

In March, Shiba Inu caused a sensation by climbing to $0.000036 per piece, a level not seen since December 2021. Two months prior, in October 2021, it had reached its all-time high at $0.000086.

The volatility, however, took its toll on the meme cryptocurrency. To remedy this, the passionate supporters of SHIB proceeded to massively burn tokens, reports U°Today.

BREAKING: Shiba Inu Burn Rate Skyrockets by 64,201%, 657 Million $SHIB Vanish. pic.twitter.com/oiVbpSY9un

— Shiba Inu News (@ShibalnuNews) April 15, 2024

Despite the storm stirring the cryptocurrency market, Shibburn is skyrocketing, with a spectacular increase of over 64,000% in Shiba Inu’s burn rate over the last 24 hours. In one day, more than 657 million SHIB cryptos were burnt to ashes, bringing the total to an impressive amount of 410,725,564,272,084.

This burning frenzy demonstrates the solid commitment of the SHIB community to reduce the token supply and strengthen its deflationary nature, even during turbulent market periods.

While cryptocurrencies undergo major price fluctuations, Shibburn defies the trend by accelerating its burns. Eleven transactions in one day obliterated 658,082,956 SHIB, thus reducing the total supply to 410,725,555,674,170.

We Won’t Back Down!

Despite the recent shocks in the crypto market, SHIB seems determined to gain ground. After three days of turbulence between April 11 and 13, marked by a drop of 26.71%, the dog-inspired cryptocurrency managed to stabilize, but remains under the $0.00002 mark. A rise at the beginning of the month had raised hopes, but it quickly crumbled, leaving a bearish trend in its wake.

The Shiba Inu, which had been growing rapidly recently, almost rivaling Dogecoin in market capitalization, has not been spared the blowback from the depressed market. The current SHIB on-chain signals are mostly negative, reflecting the uncertainties over the future of this cryptocurrency.

Yet, the SHIB army does not waver. Lucie, a prominent marketing specialist on the Shiba Inu team, recently sent out a tweet brimming with optimism, reaffirming the team’s commitment to Shibarium. “We won’t stop,” she hammered.