SHIB ‘Inferno’ Index Shoots Up 232%, Price Reacts Unexpectedly

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As a seasoned analyst with over two decades of experience in the financial markets, I find the recent developments in the Shiba Inu (SHIB) ecosystem quite intriguing. The surge in SHIB burn rate by 232.95% is indeed a positive sign, reflecting the community’s growing commitment to this meme coin. However, the weekly burn rate’s dip of 84.72% is a cause for concern and suggests that we may need to wait a bit longer for a sustained upward trend.

According to a recent tweet from the Shibburn platform, which monitors Shiba Inu token burn transactions, the burning rate of SHIB tokens significantly increased over the last 24 hours.

Although Shiba Inu’s price is attempting to regain its footing following a significant drop on Friday, the numbers from the weekly burns aren’t as encouraging as those seen daily.

Shib burns jumps 232%

According to the recent tweet, Shibburn noted that the community successfully burned over 9 million meme coins (SHIB) since this morning. This significant action boosted the burn rate by approximately 232.95%.

Seven times, SHIB tokens were moved to wallets that couldn’t be used further. The largest three transfers consisted of 4,527,734, 3,577,935, and 1,918,753 Shiba Inu coins being sent to irreversible blockchain destinations.

On the other hand, although the daily burn rate has increased significantly, the weekly rate presents a less positive picture this time around. The current reading for this metric stands at a decrease of 84.72%, with a total of 48,802,642 SHIB burned over the last seven days.

1 Hour SHIB Price Update:

— Shibburn (@shibburn) October 26, 2024

SHIB’s guide on how to move NFTs between Ethereum and Shibarium

This past week, I, as an analyst, have learned that earlier, a marketing specialist using the alias Lucie, shared a tutorial on her X account for the community about transferring Non-Fungible Tokens (NFTs) between two blockchains – Ethereum and Shibarium. Now, according to her latest updates, this cross-chain NFT transfer has been made possible through the NFT Bridge on Shibarium.

According to Lucie’s post, the initial action is to navigate to the Shiba Inu Bridge webpage. Next, you should link your Ethereum wallet and verify that it is indeed connected to the Ethereum network.

After that, you’ll need to choose the NFT Bridge by clicking “Bridge NFTs”. Next, select the token you wish to move to Shibarium from Ethereum. Once you click “Deposit”, the transaction process will start. Lastly, review the transfer details and confirm it in your Ethereum wallet.

SHIB bearish price performance

After Bitcoin dropped by 2.7% on Friday due to various factors such as the U.S. government investigating Tether and unfavorable news from the Middle East, the second most popular meme cryptocurrency, Shiba Inu (SHIB), also experienced a decline, falling by 5.23%.

Although the main cryptocurrency saw a minimal increase of nearly 1%, Shiba Inu showed slightly more resilience with a rise of 2.03%.

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2024-10-26 23:17