SHIB 'Inferno' Index Shoots Up 232%, Price Reacts Unexpectedly

In a recent tweet published by the Shibburn tracking platform, which deals with Shiba Inu burn transfers, it was revealed that the SHIB burn rate had spiked by a large degree over the past day.

While the SHIB price strives to recover after the massive fall on Friday, the figures shown by the weekly burns are not as optimistic as the daily ones.

Shib burns jumps 232%

In the aforementioned tweet, Shibburn says that since last morning, the community has managed to dispose of a substantial amount of meme coins — 9,062,019 SHIB. This advanced the burn rate by 232.95%.

This result was achieved in seven transfers of SHIB to dead-end wallets. The three biggest ones transferred 4,527,734, 3,577,935 and 1,918,753 Shiba Inu coins to unspendable blockchain addresses.

However, while the daily burn rate has shown quite a big jump, the weekly rate is much less optimistic this time. This metric now shows a minus 84.72% reading with 48,802,642 SHIB burned over the past seven days.

SHIB's guide on how to move NFTs between Ethereum and Shibarium

Earlier this week, SHIB’s marketing specialist known under the pseudonym Lucie took to her X account to give the community a guide on how to transfer non-fungible tokens (NFTs) between two blockchains — Ethereum and Shibarium. Now she says, this has finally become possible via the NFT Bridge on Shibarium.

The first step, Lucie’s post says, is to open the Shiba Inu Bridge page. Then, one is required to connect one’s Ethereum wallet and make sure it is also connected to Ethereum.

After that, it is necessary to select the NFT Bridge by clicking “Bridge NFTs,” then pick the token you want to send to Shibarium from Ethereum. Clicking “Deposit” after that will begin the transition. The last step here is to review the details of the transfer and confirm it in the Ethereum wallet.

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SHIB bearish price performance

Following Bitcoin’s 2.7% plunge on Friday, which took place for multiple reasons, including the recent announcement about the U.S. government making a criminal probe into Tether and the new negative developments in the Middle East, the second largest meme cryptocurrency SHIB followed suit, plunging by 5.23%.

While the flagship crypto managed to recover by less than 1% so far, Shiba Inu has pared its losses a little stronger, rising by 2.03%.