Shibburn data shows an increase of over 64,000% in the Shiba Inu burn rate over the past 24 hours. In the course of one day, more than 657 million SHIB tokens were destroyed, which brings the total SHIB tokens burned to 410,725,564,272,084.
The chart shows that the SHIB price is up 6.83% on the daily scale, hinting at an upcoming recovery after massive market correction this past weekend.
SHIB suffered three days of losses from April 11 to 13, dropping by 26.71% and falling below the $0.00002 support level. Despite a recovery earlier in the month, SHIB could not sustain its gains and entered a bearish trend toward new lows by the end of last week.
Shiba Inu has shown impressive growth recently, nearing the market capitalization of its main competitor, Dogecoin. However, the recent market downturn has also impacted Shiba Inu. At press time, SHIB on-chain signals remain predominantly bearish.
Recently, the official marketing specialist of the Shiba Inu team, Lucie, shared a bullish tweet, expressing determination about the team’s goals for Shibarium.
In her recent tweet, Lucie emphasized that one of the primary goals of the Shiba Inu team is to position Shibarium at the forefront of the cryptocurrency market, regardless of external factors such as partner dynamics. “We won’t stop,” Lucie tweeted, underscoring the team’s unwavering commitment.