Members of the Shiba Inu community remain determined to burn SHIB tokens at an unyielding pace, even during periods of decreased activity on the Shibarium platform. Recently, a significant amount of SHIB has been transferred to “dead wallets,” or accounts that no longer have access to the tokens.
Meanwhile, the SHIB price continues its attempts to break out of the range.
Millions of SHIB destroyed
Based on the latest information posted on Shibburn’s website, over the past day, members of the SHIB community have moved approximately 24 million SHIB tokens to non-spendable wallet addresses, effectively removing these tokens from the available supply.
According to the data from the cited source, this factor has caused a 25.92% increase in the spending rate for this popular cryptocurrency based on memes.
Two major SHIB transfers, worth 20 million and 4.16 million SHIB tokens respectively, accounted for almost all the SHIB tokens burned during this instance.
Shibarium’s key metric plummets
One version of paraphrasing could be: The SHIB team’s Shibariumscan explorer reported that one significant indicator for their Ethereum-based Layer-2 solution, Shibarium, has dropped once more following a substantial surge in growth just a few days ago.
On April 16, the number of daily transactions dropped to 359,090 from a massive peak of 958,440 just six days prior. This significant surge in transfers followed a sharp decline to 5,630 daily transactions on April 10.
The number of daily transfers on Shibarium is advancing sluggishly, leading to a relatively small increase in total transactions which currently stands at around 416 million. Over the last several weeks, an average of about one million new transfers have been added.
Despite the significant partnerships secured by the Shiba Inu team in recent times and a substantial increase in the number of Shibarium accounts, which grew from around 75,000 to over 100,000 in a matter of days in early April, there has still been a noticeable decrease in usage for Shibarium.
SHIB price performance
From Sunday to Tuesday, the second most frequently used meme cryptocurrency, Shiba Inu, experienced a significant drop of over 10%. Since that time, this dog-themed digital currency has made efforts to bounce back and surpass the price range it has been confined to.
Despite losing a significant portion of its value so far, SHIB has recovered slightly, gaining back 6.38%. Currently, it is being traded at $0.00002246 on Binance.
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2024-04-17 10:41