SHIB Burns Skyrocket 6,750% - Here's What's Happening

Cover Image: U.Today

SHIB Burn Surge

Shibburn's data indicates substantial progress in removing SHIB from circulation over the past day, despite its price decline. Over 27 million SHIB have been burned, with 6,750% increase in burn rate. This surge is primarily attributed to three burn transfers, with the largest being 27,108,433 SHIB.

Shibarium Transaction Activity

The Shibariumscan explorer reveals a significant increase in transaction activity, with a 1,228% surge to over 1.7 million transfers on October 22nd. Historical data shows a rise from 28,110 transfers on October 19th to 324,590 transfers, indicating a 1,055% increase.

SHIB Market Performance

Shiba Inu (SHIB) has experienced a bearish week, with a 7.31% decline in price since its weekly start. Similarly, Dogecoin (DOGE) has dropped by 6.65% over the same period. The market remains uncertain ahead of the upcoming U.S. elections.