U.Today - reports a massive amount of Shiba Inu burned in the last 24 hours. A total of 8,620,452,653 SHIB tokens were burned in six transactions in the past day.
This huge amount contributed to a total of 8,655,012,764 SHIB tokens burned in the . The surge in daily SHIB burn amounts also triggered a jaw-dropping spike in the SHIB burn rate.
The daily burn rate is seeing an impressive 727,870% spike, according to the . The surge comes shortly after a massive amount of SHIB — over 8.61 billion tokens — were sent to dead wallets.
The Shiba Inu team performed the second major burn on Shibarium, sending 8.61 billion SHIB to dead wallets at a go, much to the delight of the SHIB community.
Lucie, a SHIB team member, reports this major burn while stating that more is to follow. Earlier in the week, the SHIB team stated it would be performing additional massive burns if recalled.
Lucie went further to share evidence of 8,615,169,427.76 SHIB worth $89,597.76 being sent to dead wallets.
The SHIB team kicked off a new burn era for Shiba Inu after it performed the first-ever burn on Shibarium in early December, sending a staggering 8,241,856,589 (8.24 billion) SHIB worth $75,412 to dead wallets in a single transaction. This is as Shibarium saw an explosive rise in its transactions.
transactions have grown in more than three months to surpass 125 million, now presently at 125,999,571. The Shiba Inu Layer 2 has seen an average of 7.5 million daily transactions since Dec. 2; the daily transactions for the last 24 hours amount to 7.53 million.
Shiba Inu's price is reacting positively to the massive burn, jumping 12% in the last 24 hours to trade at $0.00001069, a level that holds potential for further increases in the SHIB price.
According to , a crypto analyst, Shiba Inu is showing signs of a breakout. If SHIB maintains the crucial support level of $0.0000103, the next stop for SHIB could be $0.0000140. This represents a 40% increase from current prices.