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SHIB Burns Jump 936%, Price Reacts Unexpectedly
Data revealed by the Shibburn tracking platform demonstrates that the rate at which SHIB meme coins are being removed from circulation has significantly increased, with millions transferred to dead-end wallets. Yesterday, December 23, 6,690,287 SHIB were incinerated by the Shiba Inu community, resulting in a remarkable 936.52% surge in the daily burn rate.
The two largest transactions accounted for 3,507,923 and 2,300,437 SHIB, respectively. However, despite this surge in burning activity, the weekly burn figures are currently negative, showing a nearly 60% decline, with 62,381,241 SHIB coins locked in unspendable wallets over the past seven days.
At the time of writing, SHIB is trading at $0.00002303, up 8.05% over the past 24 hours, according to CoinMarketCap.
Meanwhile, it appears that SHIB’s price has reacted unexpectedly to the massive surge in burns.
Source: u.today
