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SHIB burn rate surged by 2000%, with 5.7 million tokens burned in 24 hours.
According to Shibburn data, the Shiba Inu burn rate skyrocketed by 2033% in the past 24 hours, with a daily burn volume reaching 5.7 million SHIB. Even more astonishing, a total of 69.85 million coins were burned in the last 7 days, resulting in a weekly burn rate surge of 438%.
To be honest, this wave of destruction data does indeed reflect that market sentiment is gradually heating up—after all, there was a previous round of correction. Looking at the timeline, SHIB started to take off with BTC from Wednesday, rising for three consecutive days, and after reaching a high of 0.00001289 on Friday, it saw some correction.
From a technical perspective, SHIB has been consolidating between 0.00001 and 0.0000176 for most of this year, and the key is whether it can break through the 0.000017 line. Once it breaks this level, the next target is 0.00002, followed by 0.000025 and 0.000033. The support level is at 0.00001, which successfully prevented SHIB from breaking new lows in April and June.
It is worth noting that there has been progress in the Shibarium cross-chain bridging event - the developers have eliminated 4.6 million delegated tokens from the attackers through a contract upgrade, and a user compensation plan and a restart of the bridging mechanism will be launched in the future.
The current question is: can the soaring burn rate support this wave of increase? Will Q4 see an explosive market trend as per historical patterns? This depends on the BTC trend and overall market sentiment.