SHIB burn rate suddenly jumps 443% as price reaches highest in six weeks Shibainu ShibArmy SHIBCommunity ShibBurn
website, the burn rate of Shiba Inu has increased by 443%. However, only 14,089,818 SHIB have been burned in the last 24 hours.
Shiba Inu continued its journey upward, reaching an intraday high of $0.00001283 at the time of writing. This was the highest in over six weeks. Shiba Inu also rallied for the second consecutive day as attention shifted to meme cryptocurrencies. A year ago, on Oct. 28, 2021, Shiba Inu rose in an impressive bull run to touch all-time highs of $0.000088. At the time of publication, SHIB was trading up 11.88% at $0.0000122. Shiba Inu also reclaimed the position of the 13th largest cryptocurrency.Despite the impressive move in SHIB, it remains 86% down from its all-time highs, being no different from other cryptocurrencies that have been buffeted by bearish market conditions prevailing since the start of 2022.
Despite the price declines, it has been a monumental year for SHIB so far. This year has seen the launch of new projects and partnerships: the SHIB metaverse, the Welly franchise, the Shiba Inu burn portal, the Shiba Eternity launch and others.According to IntoTheBlock data, SHIB is now seeing its highest percentage of long-term holders, setting a new milestone in the metric.