Solomon Samuel 
Shiba Inu has seen a massive increase in its burn rate, making it deflationary despite the overall crypto market downturn.
The significant increase in its burn rate measures has established Shiba Inu in a deflationary state. The data provided by Shibburn indicates that the rate of burns in Shiba Inus has increased by 25,035.22% over the course of the past 24 hours.
Shiba Inu Extends Incinerated Tokens
In the midst of the recent crypto massacre and price adjustment that the industry as a whole is experiencing, Shiba Inu appears to be defying the odds in one important deflationary measure.
Investors have shown interest in the Ethereum-based memecoin, a positive development evident in the cryptocurrency’s burn rate. It appears that investors may have discovered a critical catalyst to hold on to, as seen by the spectacular surge of almost 25,000%.
Notably, 11 transactions have resulted in the destruction of a total of 658,082,956 SHIB over the past 24 hours. The burned SHIB token is currently valued at $14,385. The token represented this amount of money.
Following this development, the total number of SHIBs consumed from the initial supply stands at 410,725,555,674,170. Note that the recently burned SHIB only represents a small portion of the token’s once quadrillion-strong supply.
Additionally, it is one of the largest that the protocol has seen in the past few weeks. This is something that has been observed. The delivery of a staggering 650 million SHIB to dead wallets in a single massive burn has significantly increased the amount of SHIB burned compared to previous records.
A decrease of around 11.77% has occurred in the price of the SHIB coin, which is currently at $0.0000217. The token is most likely a reflection of the widespread slump in the cryptocurrency market.
SHIB achieved a daily trading volume of $1.9 million, resulting in a 12% decrease in its market capitalization to $12.7 billion. Given the recent decline in the price of the memecoin with a dog theme, it appears that the burn rate has not yet had any beneficial impact on the token.
This is a trend that many members of the community are hoping will change soon. Shiba Inu is now having difficulty maintaining a 51 trillion SHIB resistance range, which is located between $0.000022 and $0.000025.
However, they are making progress. The resistance will be in the range of $0.000025 to $0.000030 if the self-proclaimed Dogecoin (DOGE) killer is able to successfully retake this range.
If this does not occur, SHIB may move to a support level between $0.000019 and $0.000022, which means that it will lose the range.
