SHIB Burns Skyrocket 6,750% – Here’s What’s Happening

by

As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless trends and shifts that have shaped the industry as we know it today. In my view, the recent surge in SHIB burns, despite the coin’s decline this week, is a testament to the resilience and dedication of the Shiba Inu community.

According to data from the Shibburn tracker, it appears that a significant amount of Shiba Inu meme coins have been taken out of circulation within the past 24 hours.

This surge in burns took place despite the Shiba Inu price showing a substantial decline this week.

SHIB burns 6,750% up

Based on the information we have, it appears that, over the past 24 hours, a significant portion of meme coins, specifically 27,108,433 SHIB, has been destroyed within the Shiba Inu community. This massive burn has increased the Shiba Inu burn rate an astonishing 6,750%. This impressive feat was primarily achieved through three separate transactions, with the largest one transferring 27,108,433 SHIB.

This was the largest SHIB burn in terms of the destroyed amount of coins this week.

Regarding the weekly Shiba Inu coin burns, they are approximately double the daily figures and total 58,389,212 coins. This represents a decrease of 81.73%. To put it into context, last week’s weekly burns were six times larger – a whopping 320,186,507 Shiba Inu coins. This equates to an impressive increase of 880.1%.

Shibarium shows 1,228.13% surge

This week, the Shibariumscan explorer has indicated an immense rise in transactional activity. Based on its findings, the daily transaction count jumped from approximately 128,000 on October 21 to an astounding 1.7 million transactions on October 22, representing a mind-boggling increase of around 1,228%.

From mid-September up until October 18th, daily transfer counts remained relatively low, fluctuating around 6 million, 11 million, and 28 million transactions each day.

On October 19, it jumped from 28,110 to 324,590 transfers. That was an impressive rise of 1,055%.

SHIB market performance

This week, the second-largest meme-based cryptocurrency Shiba Inu has experienced a downtrend. The price of SHIB started at $0.00001923 this week but has since dropped by 7.31%, reaching $0.00001782 as we speak.

For the last day, Shiba Inu (SHIB) dropped by 3.81%. Interestingly, this downtrend has affected another major meme coin, Dogecoin (DOGE), which started this week with a decline of 6.65% since Monday. These coins have been trending in the crypto market since the early days of Bitcoin.

Right now, Dogecoin appears to be forming a Head and Shoulders pattern, which could signal that its uptrend might be nearing conclusion. However, the market is quite uncertain due to an important upcoming event: the U.S. elections in November, which could bring some clarity.

Read More

2024-10-23 11:59