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Data provided by the public Shibburn tracker shows that there has been substantial progress in removing $SHIB meme coins from the circulating supply over the last day.
This surge in burns took place despite the Shiba Inu price showing a substantial decline this week.
$SHIB burns 6,750% up
According to the aforesaid data source, over the past day, the $SHIB army has succeeded in burning a substantial chunk of meme coins: 27,108,433 $SHIB. This lifted the Shiba Inu burn rate 6,750%. That was possible thanks to three burn transfers and mainly the largest of them, which transferred 27,108,433 $SHIB.
This was the largest $SHIB burn in terms of the destroyed amount of coins this week.
As for the weekly burns, they are only twice bigger than the above-mentioned daily figures and constitute 58,389,212 $SHIB. This means a -81.73% decline. Last week, the weekly $SHIB burns comprised a 6x amount of that – 320,186,507 dog-themed coins, showing a 880.1% increase.
Shibarium shows 1,228.13% surge
The Shibariumscan explorer shows a massive surge in transaction activity this week. Per this data platform, the daily transaction count spiked from roughly 128,000 on October 21 to a whopping 1.7 million transfers on October 22, showing a staggering 1,228% increase.
The historical data shows that since the middle of September until October 18th, the transaction count sat at low values, varying between 6 million, 11 million and 28 million transfers per 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 has been bearish for the meme cryptocurrency Shiba Inu so far. Since the start of the week, the $SHIB price has lost 7.31%, falling from $0.00001923 to the $0.00001782 level, where it is changing hands as of this writing.
Over the past 24 hours, the $SHIB decline has constituted 3.81%. This bearish start of the week has also touched on another leading meme coin – $DOGE. Since Monday, the original meme cryptocurrency that emerged in the early days of Bitcoin has declined by 6.65%.
Dogecoin is currently showing a reversal Head and Shoulders formation which may hint that an upward trend for $DOGE is coming to an end. The market is currently in a state of uncertainty ahead of the crucial event for the US government that is to take place in November – the elections.