Shiba Inu Burned More Than 82 Million VND, Burn Rate Increased 4,111.57% In 24 Hours

Over the past 24 hours, more than 82.14 million Shiba Inu (SHIB) memecoins were burned, resulting in an unusually high burn rate of 4,111.57%. The process of burning these tokens aims to remove them from circulation by transferring them to dead wallets, aiming to reduce the overall supply of SHIB and hopefully increase its market value.

After the recent burn, the total number of SHIB tokens burned has increased to over 410 trillion, with approximately 589 trillion SHIB still in circulation. However, despite the significant volume of memecoin burned, there was not much of a dramatic impact on SHIB price.

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Recent technical analysis suggests that SHIB price could rise by 15%, targeting $0.00002625, and a potential breakout could lift SHIB's price by over 24% to $0.00003103. However, without this breakout, the token could find support at around 0.00002349 USD.

Additionally, Shiba Inu has made significant technological advancements in its quest to move beyond its meme-currency origins, with the launch of Shibarium, an Ethereum layer 2 scaling solution. The new fundraising efforts have also attracted interest from prominent investors such as Polygon Ventures, Mechanism Capital and Animoca Brands.