The Shiba Inu burn rate has seen a dramatic spike in the past 24 hours, according to the Shibburn tracker. Despite SHIB prices experiencing a significant decline this week, the community has made notable progress in reducing the circulating supply of meme coins.

Over 27 Million SHIB Tokens Burned

In just one day, the SHIB army has burned a massive 27,108,433 SHIB tokens. This action increased the burn rate by an astonishing 6,750%. This surge came from three burn transfers, with the largest of them accounting for the entire 27 million tokens destroyed. This marks the biggest SHIB burn this week in terms of the total amount of coins removed from circulation.

Related article: Shiba Inu Transaction Volume Surges: Is a Bullish Reversal on the Horizon?

Looking at the weekly data, the burn numbers are just double the daily figures, with 58,389,212 SHIB tokens burned in total. This represents a sharp decline of 81.73% compared to the previous week when 320,186,507 tokens were burned, marking an 880.1% increase at the time.

_{Source: Shibburn}

Shibarium Transactions Surge by 1,228%

Meanwhile, Shibariumscan, which tracks Shiba Inu’s layer-2 blockchain, reported a significant rise in transaction volume. Daily transactions skyrocketed from around 128,000 on October 21 to an astonishing 1.7 million on October 22, marking a 1,228% increase. 

Related article: SHIB Price Dips Despite Major Whale Activity: Is a Rebound Coming?

Historical data indicates that daily transactions had remained relatively low between September and mid-October, fluctuating between 6 million and 28 million transfers. A significant jump occurred on October 19, with transfers rising from 28,110 to 324,590—a rise of 1,055%.

This week has been tough for Shiba Inu, with the price falling 7.31% since Monday, dropping from $0.00001923 to $0.00001782. SHIB lost 3.81% over the past 24 hours alone. Dogecoin (DOGE) has faced a similar decline, dropping by 6.65% since the beginning of the week. DOGE’s recent reversal pattern suggests that its upward trend may be ending. Investors remain uncertain as the US elections approach in November.