SHIB Skyrockets 1,309% With Millions of SHIB Mysteriously Moved

The $SHIB community continues to work restlessly to reduce the circulating Shiba Inu supply. Shibburn data aggregator has shared that over the past day, the key $SHIB metric related to this has demonstrated a four-digit surge.

Meanwhile, this week, the second most popular meme coin, $SHIB, has made a brave attempt to recover price-wise.

$SHIB burns 1,309% up

Shibburn revealed that during the past day, the burn metric was propelled by 1,309% up thanks to a total of 2,944,722 meme coins burned anonymously. The whales who made those transactions to dead-end wallets were not tracked by Shibburn.

The two largest burn transactions that have taken place during the past day carried 1,694,200 and 1,076,047 $SHIB to unspendable blockchain wallets.

The weekly burn rate, however, has fallen by 81.45%, even though the amount of $SHIB burned in the past seven days surpasses the aforementioned one significantly – 11,735,561 vs 2,944,722 $SHIB.

$SHIB price is "down but not done"

Earlier today, the $SHIB team addressed the Shiba Inu community via one of its X accounts, @Shibizens.

That was sort of a message of encouragement to all $SHIB holders and builders on Shibarium. “We’re down, not done,” the tweet stated, likely talking about the massive decline in the $SHIB price since the start of the week – the coin plunged by staggering 12% on Monday.

By today, $SHIB has managed to recover by 6.74%. As of this writing, the popular meme coin is changing hands at $0.00001265.