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SHIB Burn Rate Spikes 332% as Over 329 Million Shiba Inu Tokens Are Set Ablaze

As is to be expected in such harsh conditions as the crypto market currently faces, many of the top cryptocurrencies are experiencing losses, and their respective communities are frantically searching for solutions that would soften the blow. The Shib Army is well-known to be one of the most active crypto communities, and the last 24 hours have been especially hot for them, as 329,221,379 SHIB tokens were burned.

The Shib Army Reacts to the Crypto Market Crash

According to Shibburn, 18 transactions have been made in the last 24 hours alone, with 6 of them burning over 10 million SHIB each in single transfers. The 332% increase in SHIB burning over the last 24 hours has led crypto enthusiasts to be more optimistic about the popular meme coin. Just a couple of days ago, analysts  highlighted increased whale activity around SHIB, and news about the forthcoming Shibarium could well have added fuel to the bullish trend seen today.

However, the recent inflation-catalyzed market crash has caused some members of the Shib Army to waver. In order to bolster faith, SHIB holders on Twitter have been coming up with calming phrases such as “Keep calm and HODL SHIB”. Hashtags like #StayStrong are among the most popular being used by the Shib Army on Twitter today.

Community Care Starts Reflecting on SHIB’s Price

Many Shiba Inu influencers have been encouraging holders to burn SHIB tokens. On the other hand, many members have been left unsatisfied by the delays to burn rewards. Ultimately, the overall goal of the SHIB token burn is almost within reach, with the market price of Shiba Inu (SHIB) spiking by 6.7% over the last 24 hours to reflect that. At press time, Shiba Inu (SHIB) is trading at $0.00000842, according to CoinGecko.

Nevertheless, SHIB’s value is still 23.8% down from a week ago, and it seems that Shiba Inu still has a long way to go to make up for the 32.9% deficit recorded in May. In more positive terms, compared to one year ago, Shiba Inu (SHIB) is 22.9% in the green, which suggests to traders that the popular meme coin still has long-term holding potential.

As the idiom goes, “if you can’t stand the heat – get out of the kitchen”. It seems that the SHIB Army is embracing the heat brought on by market pressure, and the burning of tokens may well benefit the greater good.

In order to start understanding the burning process, check out this article:

What Does It Mean When SHIB or DOGE See Record Burning?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.