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SHIB Burns Skyrocket 319,571% – What’s Happening?
SHIB has reacted to the price dumps and surges of BTC before, but this time, the correlation between them seems to be lost so far. After printing a more than 22% recovery last week, the SHIB price has been moving sideways in a slightly descending trajectory.
However, things have taken an unexpected turn as the token burn pace skyrocketed by an astonishing 319,571%. This dramatic surge in token destruction suggests that the community is more active than ever before, and this could be a sign of major change on the horizon for SHIB.
After dropping from the $0.00002978 level behind, SHIB has been striving to surpass the $0.00002822 resistance but has failed so far. After a minor 2% increase today, the second-biggest meme coin in terms of market capitalization size is changing hands at $0.00002738.
In light of this development, it remains unclear what factors have driven this massive surge in token burn rates and whether there will be any significant impact on SHIB’s price action moving forward.
Source: u.today
