Shiba Inu burn rate spikes 4,144% as token retains $0.00001 support

The Shiba Inu (SHIB) burn rate has surged 4,144% over the past seven days as the meme coin reclaims and holds above the pivotal $0.00001 psychological threshold.

The recent spike in the Shiba Inu burn rate came from a massive burn transaction carried out by the Shibarium development team. Shibarium, the ecosystem’s layer-2 protocol, triggered its second native burn on Dec. 16, incinerating billions of SHIB.

Shibburn, a community-driven Shiba Inu burn tracker, highlighted this transaction, which involved 8.6 billion SHIB worth $88,650. Following this exercise, the burn rate surged by 4,144% over the last week.

Data confirms that the protocol has recorded the incineration of 8.35 billion SHIB tokens in the past seven days. The latest Shibarium-induced burn transaction came a few days after an earlier burn involving 8.24 billion on Dec. 5. This was Shibarium’s first SHIB burn since the network launched in August.

These recent burns came as a result of an impressive spike in transaction count on Shibarium. Notably, Shibarium dedicates 70% of its gas fees to support the SHIB burn campaign. For months, the network was unable to reach the minimum threshold of $25,000 in accumulated fees for the first burn.

However, the situation turned bullish when Shibarium started witnessing massive spikes in daily transactions from Nov. 30. Shibarium’s daily transaction count surged to an average of 7.5 million earlier this month. This surge in transaction count resulted in increased gas fees, leading to the first burn.

Shiba Inu retains $0.00001

Amid the bullish atmosphere, Shiba Inu has slipped into favorable market conditions over the last few days. The token recovered the $0.000011 price territory on Dec. 16 after three days of bearish performance. SHIB eventually rallied to a nine-month high of $0.00001195 on Dec. 17.

Despite witnessing a retracement, the memecoin has retained the support above $0.00001, currently changing hands at $0.00001025, with a slight 0.10% increase over the last 24 hours. Shiba Inu’s last support level above $0.00001 rests on the Fib. 0.618 level, stationed at $0.00001007.