The past few months have not been the best period for the Shiba Inu as the value of the token has dropped sharply over the past 5 months. Most of the problems are linked to lower combustion volumes. But recently, according to Shibburn, the burning rate on the network has skyrocketed.
Recent data shows that SHIB burns have increased dramatically by 910% in the past 24 hours.
Burn addresses ending in 3963d have burned over 5 million tokens, making it the largest number of Shiba Inu burns in the past 24 hours.
Unfortunately, the amount of combustion has increased dramatically. It did not cause a consistent effect in the price of the Shiba Inu constantly moving below the local resistance level.
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