In a remarkable turn of events, the Shiba Inu (SHIB) community, affectionately known as the SHIB Army, has ramped up efforts to reduce the circulating supply of its beloved meme coin. Recent data from the Shibburn tracker reveals that over the past day, a staggering 27,108,433 SHIB tokens have been burned, propelling the burn rate by an astonishing 6,750%. This surge in burns is particularly noteworthy, given that the price of SHIB has seen a significant decline this week.
Burn Activity – A Closer Look
The latest burn activity is attributed to three significant transfers, with the most substantial transaction accounting for the majority of the 27 million tokens removed from circulation. While this daily burn represents the largest single event of the week, the overall weekly burn rate appears to be less impressive. The weekly totals reached 58,389,212 SHIB, indicating an 81.73% decline compared to last week’s impressive figure of 320,186,507 SHIB—a staggering 880.1% increase at that time.
This rollercoaster of burn activity demonstrates the community’s commitment to reducing supply, despite fluctuations in the token’s market performance.
Transaction Surge on Shibarium
In addition to the burn news, Shiba Inu’s Layer 2 solution, Shibarium, is witnessing a phenomenal increase in transaction activity. According to the Shibariumscan explorer, daily transaction counts skyrocketed from approximately 128,000 on October 21 to an eye-popping 1.7 million by October 22, marking a 1,228% increase. This surge follows a period of relatively low transaction counts, which had hovered between 6 million and 28 million transfers per day since mid-September.
Notably, the jump in transactions began on October 19, when daily transfers surged from 28,110 to 324,590, reflecting a remarkable 1,055% rise. This activity highlights a growing interest and engagement within the Shiba Inu ecosystem, even amid bearish market conditions.
SHIB’s Market Performance
Despite the burn and transaction activity, the broader market context remains challenging for Shiba Inu. Over the past week, SHIB has experienced a 7.31% decline, dropping from $0.00001923 to $0.00001782 as of this writing. In the last 24 hours alone, the price has decreased by 3.81%. This bearish trend isn’t isolated; fellow meme coin Dogecoin (DOGE) has also faced a downturn, with a 6.65% decline since Monday.
Also Read: Shibarium Soars – 3,370% Transaction Surge Captivates Shiba Inu Community!
As the market grapples with uncertainty, particularly with the upcoming U.S. elections in November, the performance of these meme coins remains in flux. Analysts note that DOGE is currently exhibiting a reversal Head and Shoulders formation, potentially signaling a pause in its upward trajectory.
The Shiba Inu community’s commitment to burning tokens is commendable and could have long-term implications for SHIB’s value. However, the stark contrast between the rising burn rate and the declining market price reflects the broader complexities facing meme coins in the current economic landscape. As the SHIB Army continues to engage with the Shiba Inu ecosystem, the coming weeks will be critical in determining whether these efforts translate into sustainable price recovery amidst ongoing market volatility.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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