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Popular transaction tracker Shibburn, which monitors SHIB transfers to dead-end wallets, has shared that since last morning, the SHIB army has been actively shoveling meme coins into the virtual furnace of zero wallets.
Their actions over the last day have triggered a significant rise in the daily burn rate. This happened while the price of the second largest meme cryptocurrency, Shiba Inu, attempted to break out but failed to push through the resistance at $0.00002888.
Burn rate jumps by 515%
Data shared by the aforesaid source revealed that overnight, the SHIB burn rate skyrocketed by a massive 572.29%, with 72,847,617 SHIB locked in unspendable wallets. The largest single transfer to an “inferno” wallet contained 70,605,175 SHIB coins, and it was conducted roughly an hour ago. The second biggest one carried 1,724,757 SHIB 22 hours ago, according to Shibburn.
The burn rate reading over the past week does not look so optimistic. A recently published Shibburn tweet shows that over the past seven days, the community has sent 94,189,104 SHIB to zero wallets.
The majority of burns has all the time been made by SHIB users, where recently some new crypto projects have been stepping in to help as they burned several billion worth of SHIB.
The SHIB developer team itself claims that they also transfer roughly 400,000,000 Shiba Inu to unspendable blockchain addresses every month.
SHIB price performance
While the burn rate of the prominent meme cryptocurrency has shown big increase, the price has so far failed to follow in its footsteps.
SHIB has displayed a roughly 4% surge, testing the $0.00002888 resistance level but then it pulled back and is changing hands at $0.00002848 at the time of writing this article.
Still, the good news is that since December 10, Shiba Inu has performed a more than 17% upward movement.