Inferno Alert: Shiba Inu Incinerates 56 Million SHIB In Weekly Blaze

Shiba Inu, an eminent meme coin functioning atop the Ethereum blockchain, garnered noteworthy interest among crypto market enthusiasts globally following a substantial surge noted in the token’s burn rate.

As per the data surfacing across the crypto market, the SHIB burn witnessed a 127.41% surge today, February 10. Aligning with this, the Shiba crypto community jotted down the incineration of a whopping 17.39 million SHIB over the past 24 hours, accompanied by the incineration of  55.63 million SHIB over the past week.

The burn rate is rising significantly in the ongoing scenario. This increase is due to the Shiba crypto community’s fund transfer. The Shibburn burn tracker data shows 16.39 million SHIB moved to a dead wallet. The Shiba crypto community accomplished this. The community is purposely doing this to improve SHIB’s value in the crypto market.

Interestingly, the spike in the meme coin’s burn rate coincided with a flurry of advancements experienced by the Shiba Inu cryptocurrency. Shibarium, an L2 solution for Shiba Inu, revealed its intentions to transform BONE staking within its network, forging a partnership with K9 Finance.

Meanwhile, Marswap’s extension of services on Shibarium added to the positive outlook for the meme coin by implementing a flat fee structure for all transaction fees.

Token Burning Alters Shiba Inu Dynamics

At the time of this update, the Shiba Inu price has experienced a 0.79% decrease in the last 24 hours, currently settling at $0.000009324. The meme coin displayed heightened volatility today, briefly trading in positive territory.

Market charts reveal a bullish trend for SHIB over the past week, showing a 2.52% upswing and emphasizing the Ethereum-based coin’s volatility. Despite this, technical indicators point towards a potential upcoming rally for Shiba Inu, with support identified at $0.0000085 and resistance at $0.00001.

In addition, the burning of a lot of SHIB tokens is affecting how SHIB works. It decreases the number of tokens available compared to how many people want them. At the same time, the prices of Bone ShibaSwap (BONE) and Doge Killer (LEASH) went up. This happened in line with the changes mentioned earlier.

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