According to U.Today, the Shiba Inu (SHIB) community has significantly increased efforts to reduce the circulating supply of the meme coin. Over the past 24 hours, the community has managed to burn 12,702,169 SHIB coins, resulting in a 570% increase in the burn rate. Despite the burned amount equating to a relatively small sum in fiat currency ($331.02), it represents a substantial daily contribution to the overall SHIB burn rate.
In total, the community has transferred 410,726,436,823,094 SHIB to unspendable blockchain wallets. The daily burn rate has spiked by 569.98% due to the overnight burn. There have been 17 burn transactions so far, with the largest ones moving 3,081,664, 2,126,681 SHIB, and several 1,000,000 SHIB lumps to dead-end addresses. However, the weekly burn level has seen a significant decrease of 71.87%, with 40,412,565 SHIB removed from the circulating supply.
Currently, there are 589,273,563,176,905 SHIB circulating in the cryptocurrency market. The second-largest meme cryptocurrency in terms of market capitalization continues to move within a range, with a strong support level at $0.000022 and a resistance level at $0.000026. Over the past week, SHIB has experienced multiple volatility curves, with several price dumps and surges. In the last 24 hours, the asset increased by more than 6%, rising from $0.00002515 to $0.00002628, before a pullback brought it down to $0.00002548 - a decline of 5.17%. The coin has since recovered 2.53% and is currently trading at $0.00002613.
The Shibariumscan explorer reports a significant increase in transaction volume over the past few days. The transaction count dropped to 6,000 on May 14, before rising by 209.33% on May 20 to 18,560 transactions. The current transaction count stands at 10,900.