SHIB Burn Rate Jumps 7,700% as Shiba Inu Price Aims New Move

The Shiba Inu burn rate has skyrocketed as millions of SHIB tokens are delivered to dead wallets.

According to the Shibburn website, the SHIB burn rate has increased by 7,700% in the last 24 hours, with a total of 266,727,310 SHIB tokens burned via 21 transactions.

Meanwhile, above half a billion SHIB were burned in the week just finished. Shibburn indicates that 544,958,383 SHIB tokens have been burned in 284 transactions in the last seven days.

The Shiba Inu price reached a two-month high of $0.00000825 on Oct. 26 as the market saw a bullish comeback. Shiba Inu had some profit-taking following this high, with prices falling to $0.00000757 on Oct. 27.

On Oct. 28, the Shiba Inu price recovered and continued to increase in early Sunday trading. SHIB was up 3.29% in the last 24 hours to $0.00000807 and 15.40% in the past seven days at the time of writing.

SHIB has been steadily rising since Oct. 19, when it hit lows of $0.0000066. Following this, SHIB has spent nine of the last eleven days in the green. SHIB broke over the crucial daily MA 50 barrier of $0.00000726, which had been impeding its price since August.

With this accomplishment, SHIB is once again approaching a price target that could ignite its next big move.

Shiba Inu bulls must now overcome the daily MA 200 barrier at $0.00000823 to extend the current surge. If this is overcome, Shiba Inu may launch a new move aiming for the $0.00001134 level.

Shiba Inu teases “good surprise”

The official Shiba Inu X account relays an exciting message regarding the forthcoming unveiling of the SHIB identity, telling the community to brace themselves for a seismic shift in the blockchain world.

Shiba Inu announced its “good surprise” to its community, stating that the first step toward unlocking a unique SHIB identity was on the horizon. As the countdown to the reveal begins, it also announces a $5,000 SHIB giveaway.

As defined, self-sovereign identity is a series of protocols and technologies that allow a user in a system to retain their identity (and other verified credentials) as well as their assets in a wallet.

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Tomiwabold Olajide