Shiba Inu (SHIB) Burn Rate Explodes to 8517% in Last 24 Hours

• The largest amount of SHIB tokens burned in a single transaction recently is 733,024,321.
• 406 billion SHIB was moved from an exchange wallet to a self-custody wallet.

The SHIB burn rate has increased by an incredible 8517% in the previous 24 hours, as reported on the Shibburn website. Within the last 24 hours, 763,406,271 $SHIB tokens have been burned. A measure of how quickly SHIB tokens are destroyed or withdrawn from circulation is known as the burn rate. The largest amount of SHIB tokens burned in a single transaction recently is 733,024,321.

Meanwhile, on March 11, 2023, Shibarium Beta became public. Shiba Inu prices had skyrocketed in anticipation of the highly anticipated release. However, in terms of the 1-day chart, SHIB price is at a crossroads right now. In order to leave the negative territory. The price must first break over the 200-day Exponential Moving Average (EMA). Which has been acting as resistance since early February.

Strong Backing of SHIB Army

Moreover, the goal of the Shibarium project is to build a DEX. And a pool of liquidity for the Shiba Inu coin. The Shiba Inu community has given its stamp of approval to the initiative, helping it to gather a lot of momentum in recent months.

Others have questioned the sincerity of the project’s creators and the whitepaper’s sparse explanation of technical details and rollout strategies.

In spite of these reservations, SHIB Army has maintained that the project has widespread support throughout the community and is being built according to the highest standards of openness and transparency. They’ve referenced the project’s road plan and status reports as proof that it’s making progress.

On March 20th, 406 billion SHIB ($276 million) was moved from an exchange wallet to a self-custody wallet, as shown by data from market analytics firm Santiment.