As per the data on Shibburn, Shiba Inu’s (SHIB) burn rate has spiked by a massive 10960.22%. One transaction, in particular, that burned over 924.15 million SHIB tokens is responsible for the recent surge.
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According to SHIB influencer “LUCIE,” the 924.15 million SHIB tokens were burned by Koyo Token. Koyo is a DeFi project on the Ethereum (ETH) network. The project’s objective is to provide a platform where users can securely access various financial services, such as lending, borrowing, and staking, in a decentralized manner.
Another one 🚨
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) March 17, 2023
924,150,949 $SHIB was burned by @KoyoToken
Is Shiba Inu making a turnaround?
The code theft rumors also set off a minor sell-off of SHIB tokens. The price of the asset fell nearly 10% on the daily charts. However, SHIB’s value made a comeback after the rumors were squashed.
Shiba Inu (SHIB) is currently up by 3.9% in the last 24 hours. Moreover, the popular canine-themed cryptocurrency project is up by 6.4% in the weekly charts. SHIB is currently facing resistance at $0.00001071, while support has been formed at $0.00001019, in the 4-hour chart.
![](https://i0.wp.com/news.cryptoizresearch.com/wp-content/uploads/2023/03/image-12.png?resize=1024%2C556&ssl=1)
Although the token has reentered profitable trading, Shiba Inu (SHIB) is still a long way down from its all-time high (ATH). SHIB is down by a whopping 87.55% from its all-time high of $0.00008616, which it attained in October of 2021. Climbing back to its ATH might be a long way away, however, many fans and users expect the token to enter a bull run after the launch of Shibarium. However, we do not have an exact launch date for the layer-2 network, although the beta testnet is live.
At press time, Shiba Inu (SHIB) was trading at $0.00001075, up by 0.6% in the last hour.