Millions of SHIB Burned in Three Big Transactions, Price Regains Key Level

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Accord­ing to the Shib­burn Twit­ter account, over 4,699,029 SHIB tokens have been burned in three big trans­ac­tions. The SHIB burn­er gives the specifics of the three large trans­ac­tions and the amount of SHIB each car­ried in dif­fer­ent tweets.

The biggest of these three trans­ac­tions burned 2,727,768 SHIB in one fell swoop, and the oth­er two trans­ac­tions burned 971,261 SHIB and 1 mil­lion SHIB, respectively.

Inter­est­ing­ly, on the pre­vi­ous day, only three trans­ac­tions were report­ed, in which 7,934,474 SHIB tokens were burned. The break­down of the burn is giv­en thus: 5,836,659 SHIB were burned in a sin­gle trans­ac­tion, while a total of 2,097,814 SHIB were burned in two sep­a­rate transactions.

How­ev­er, the burn rate was down 40% because the amount burned in the last 24 hours lagged behind high­er burn fig­ures report­ed in pre­vi­ous days.

In the past month of Novem­ber, when the cryp­to mar­ket woke up to the shock of the trag­ic FTX col­lapse, only 666,903,322 SHIB were burned with only 149 transactions.

SHIB price regains key level

SHIB began a recov­ery in Novem­ber 22 after reach­ing lows of $0.0000817. The price steadi­ly recov­ered until a bar­ri­er at $0.000096 was reached, at which point bulls retreated.

Drops below $0.000009 were quick­ly halt­ed as SHIB returned above this crit­i­cal lev­el and has remained there since. This might sug­gest that demand is grad­u­al­ly build­ing up at this key lev­el as buy­ers reen­ter the market.

At the time of pub­li­ca­tion, SHIB was chang­ing hands at $0.0000092, up 4.11% in the last sev­en days. The imme­di­ate bar­ri­er at $0.0000096 remains an impor­tant lev­el to keep an eye on if SHIB is to sus­tain its rebound.

On the oth­er hand, if the price turns down from the cur­rent lev­el, the bears might threat­en to pull the SHIB price once again below the $0.000009 lev­el, pos­si­bly to the $0.0000081 level.



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