According to data provided by the public tracker Shibburn, there has been significant progress in removing SHIB meme coins from circulation over the past day, despite the Shiba Inu price showing a notable decline this week.
SHIB Burns Up by 6,750%
According to the data, the SHIB army managed to burn a considerable amount of meme coins in the last 24 hours: 27,108,433 SHIB. This caused the Shiba Inu burn rate to skyrocket by an impressive 6,750%. This was made possible through three burn transfers, with the largest one involving 27,108,433 SHIB.
This was the largest SHIB burn in terms of the number of coins destroyed this week.
As for the weekly burns, they are twice the size of the daily values mentioned above, totaling 58,389,212 SHIB. However, this marks a decrease of 81.73%. Last week, the SHIB weekly burns amounted to 320,186,507 dog-themed coins, representing an 880.1% increase.
Shibarium Sees a 1,228% Increase
The Shibariumscan explorer reported a massive surge in transactional activity on the Shibarium network this week. The number of daily transactions on this data platform jumped from around 128,000 on October 21 to an astonishing 1.7 million transfers on October 22, reflecting an increase of 1,228%.
Historical data shows that from mid-September to October 18, transaction numbers fluctuated between 6 million and 28 million transfers daily.
On October 19, transactions jumped from 28,110 to 324,590, marking an impressive increase of 1,055%.
SHIB Market Performance
This week has been bearish for the meme cryptocurrency #Shibalnu . Since the beginning of the week, SHIB’s price has dropped by 7.31%, falling from $0.00001923 to $0.00001782 at the time of writing.
Over the past 24 hours, SHIB’s decline amounted to 3.81%. This bearish trend has also impacted another leading meme coin – DOGE. Since Monday, Dogecoin has dropped by 6.65%.
#Dogecoin is currently showing an inverted Head and Shoulders pattern, which may suggest that the bullish trend for DOGE could be coming to an end. The market remains uncertain ahead of a key event for the U.S. government, the November elections.
#SHIBburn , #shiba⚡ , #memecoin🚀🚀🚀
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