Key SHIB Metric Soars 341,896.27%: Will It Actually Help Coin Rise?

Data shared by popular blockchain tracking platform Shibburn has revealed an astounding surge in one of the major Shiba Inu metrics — the token burn rate.

Over the past day, $SHIB burns have staged a six-figure increase. However, the question is whether it can push the Shiba Inu price any higher or not.

$SHIB up 341,896%, but there's a catch

According to the aforementioned data source, the $SHIB burn rate metric has skyrocketed by a whopping 341,896.27% over the past 24 hours. This data was provided by the Shibburn website.

However, the amount of destroyed meme coins was not extensive — only 1,313,162 $SHIB. The largest single transfer that moved $SHIB to an unspendable blockchain wallet comprised 1,033,449 $SHIB. Alas, the burned amount of coins was too little to have any, even the tiniest, impact on the $SHIB price.

$SHIB market performance

Over the past day, the second-largest meme cryptocurrency, Shiba Inu, has demonstrated a price increase of 3.42%. Over the weekend, it has managed to recover from Friday’s minor price decline. Today it attempted to test the $0.00001274 resistance level but was rejected and pushed back down.

At press time, $SHIB is changing hands at $0.00001270 per coin.