SHIB Burns Skyrocket on All Time Frames: What's Happening?

Data shared by the Shibburn tracker shows that this metric has demonstrated an impressive increase both on the 24-hour and weekly time frames. The SHIB army has managed to dispose of a mammoth amount of meme coins lately.

Daily and weekly SHIB burns soar

According to a recent tweet published by the above-mentioned data source, over the past 24 hours, the SHIB burn rate went up by almost 129%, erasing a total of 5,771,537 SHIB. The Shibburn website shows only two burn transactions in this time frame; they carried 2,500,000 and 3,271,537 SHIB to “inferno” wallets.

As for weekly burns, here one can also detect a massive surge, as this metric has skyrocketed by a whopping 1,756.24%. A mammoth amount of meme coins – 328,816,821 SHIB – has been transferred to unspendable wallets over the past seven days, the tweet stated.

The recent burn activity can be attributed the SHIB price performance this week, as SHIB has been seeing both significant drops and rises.

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SHIB price falls after 8.49% surge

This week has been quite volatile for the second largest meme cryptocurrency, Shiba Inu. Within the last 24 hours, the prominent meme-inspired coin staged an impressive 8.5% surge, rising from $0.00001769 to the $0.00001916 level. This price rise has been followed by a 3.3% drop today.

This week, SHIB has been actively trying to break through the resistance at $0.00001872 and fix above it. However, after each of three major attempts to do it, SHIB was pushed back down. At the time of this writing, the meme coin is changing hands at $0.00001878 per unit.