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Shiba Inu's burn rate skyrocketed by 6,750% within a single day, eliminating 27.1 million SHIB tokens, despite a 7.31% decline in price this week. The surge in burns comes alongside heightened transaction activity, indicating strong community support for the token's supply reduction.
SHIB Burn Rate Surges Despite Price Decline
There has been significant success in eliminating SHIB meme currencies from circulation over the last day, according to data provided by the public Shibburn tracker.
The Shiba Inu pricing saw a significant reduction this week, but this rise in burns still occurred.
Largest Burn of the Week Sees 27 Million SHIB Destroyed
The SHIB army has managed to destroy 27,108,433 SHIB worth of meme currencies in the last day, according to the data source mentioned earlier. As a result, the Shiba Inu's burn rate increased by 6,750%. The three burn transfers made it possible, with the biggest one transferring 27,108,433 SHIB.
According to U.Today, when measured in terms of the quantity of coins destroyed, this SHIB burn was the biggest of the week.
Weekly Burn Sees Sharp Decline Compared to Previous Period
In comparison to the daily data indicated earlier, the weekly burns amount to 58,389,212 SHIB, which is just twice as much. An 81.73% decrease is indicated by this. With an 880.1% increase, last week's weekly SHIB burns included 320,186,507 dog-themed coins, which is six times the amount.
Shibarium Explorer Shows Record Spike in Transactions
A huge uptick in trades is shown in the Shibariumscan explorer. This data platform reports that on October 22nd, there were an unprecedented 1.7 million transfers, a 1,228% rise from the previous day's total of about 128,000.
From mid-September until October 18th, the transaction count remained low, fluctuating between 6 million and 28 million transfers each day, according to the historical statistics.
October 19th Sees Dramatic Surge in Transfers
The figure increased from 28,110 to 324,590 transfers on October 19th. A 1,000% increase is quite remarkable.
Shiba Inu Faces Weekly Price Drop Alongside DOGE
The Shiba Inu meme cryptocurrency has had a down week thus far. With a decline from $0.00001923 to the current level of $0.00001782, the SHIB price has lost 7.31% since the beginning of the week.
The SHIB drop has been 3.81 percent in the last day. Another prominent meme coin, DOGE, has also been affected by this negative start to the week. The first meme coin to appear during Bitcoin's early days has fallen 6.65% since Monday.
DOGE Price Trends Raise Concerns as U.S. Elections Approach
A possible indication that Dogecoin's recent rising trend is coming to an end is the reverse Head and Shoulders formation. Investors are wary of making any firm decisions until after the November U.S. elections.
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