Shibburn blockchain recordings revealed that the prominent meme coin, Shiba Inu, witnessed another massive increase in burned coins. The rate rose sharply to about 130% within the last 24hrs.
Users Burned 130% of Shiba Inu During Weekend
Earlier today, Shiba Inu announced via a tweet on its official page that the number of Shib burned by its users has skyrocketed to 130%. The tweet further revealed some exciting news surrounding the increase in burning activities.
The post revealed that since Shiba Inu launched its crypto card, users have been massively burning their coins. So far, they have been burning about one billion SHIBs daily, aiming to reduce the coin’s total supply.
SHIB has a massive number of minted tokens circulating the market, which stalls its price actions. To get a better chance at recovering from the price downturn, It needs to reduce its current circulating quantity massively.
The post revealed that a relatively low quantity was removed from circulation in the previous 24hrs. It said users only burned 500 million SHIBs instead of 1B because it was the weekend. Despite the low number that was recorded, the burned tokens were still above the average mark.
The Price Action Shiba Inu In The Last 24 Hours
For the past one and a half months, Shiba Inu has been trying to break through the upper resistance line. However, it kept rebounding because of the low potency of the bull drive, as displayed on the price chart.
According to the statistics, users burned about 226 million Shiba Inu overnight, which rose the figures to 414%. The pattern display suggested that they might be a sharp increase in the price volatility very soon. The market might move in the pattern direction in the coming weeks or months.
Taking into account that Shiba Inu has maintained a consistent downward movement for several months now, the new pattern may be seen as a positive factor that can cause a massive reversal for the meme coin as it displays technical capability.
At the time of publication, Shiba Inu stands at the price level of $0.000011. The meme coin has remained indifferent in the past 24hours as it did not show any sign of increasing or decreasing in price.