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Shiba Inu’s burn rate Skyrocketed by 3043%

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The burn rate of Shiba Inu (SHIB) tokens has skyrocketed, with community-led initiatives destroying over 303.68 million Shiba Inu (SHIB) tokens in the last 24 hours.

Shibburn.com recently revealed via Twitter that it had tracked five transactions to a dead wallet in the previous 24 hours. 303,686,273 (303.68M) Shiba Inu tokens were permanently removed from circulation through these transactions. The burn rate had increased by 3043.73 percent in the last day when only 7,703,474 (7.70M) tokens were reported destroyed.

Two massive transactions were traced to a dead wallet, causing a spike in the burn rate.

However, neither of these transactions is clear because no one has come forward to claim the burns.

SHIB’s price reclaims a 15 billion USD market cap and is currently trading at $0.00002791, up 7% in one day. Simultaneously, the 24-hour trading volume for dog-themed cryptocurrency has increased by more than 239 percent to $3,757,221,328 ($3.75B) compared to the previous day.

According to analysts, Bitcoin’s surge above $48,000 represents the apparent macro trend change that traders have waited for. Cryptocurrency investors were upbeat on March 28 as the market’s week-long rally continued, with Bitcoin (BTC) surging to $48,000 and Ether (ETH) trading above $3,400.

According to data from Cointelegraph, after a brief pause near support at $47,000 in early trading on Monday, an afternoon wave of buying helped lift BTC above $48,000, with bulls targeting $52,000 as the next stop. Filbfilb, a market analyst and pseudonymous Twitter user, provided additional insight into Monday’s BTC price action by posting the chart below, which shows the “strong weekly close by Bitcoin,” which closed “above the 20 WMA and 50/100 DMA.”

Jordan Lindsey, a crypto trader, discussed the long-term price performance of BTC and posted the following chart, which suggests that the Bitcoin bull run that began in early 2021 is still ongoing due to an extension of the 4-year cycle.

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