SHIB Burn Rate Collapses, Here’s What’s Happening on Shibarium

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As a seasoned crypto investor with a knack for meme coins and a soft spot for Shiba Inus, I find myself both intrigued and concerned by the latest developments surrounding my favorite canine-themed cryptocurrency. The plunge in SHIB‘s burn rate has left me scratching my head, wondering if this is just a temporary blip or the start of a larger trend.

According to Shibburn wallet tracker, the burning rate of SHIB tokens has significantly decreased and is currently in a negative range.

Shiba Inu burns face massive plunge

Based on information from ShibaSwap’s website, it appears that approximately 261,691 SHIB meme tokens are being destroyed per day, which is nearly a full 100% below the point of creation (or “burn rate”). This means that fewer new SHIB meme coins are being created than are being removed from circulation.

Today, only one Shib burn has occurred, making it the sole transfer that resulted in burning. Yesterday, our tracker detected a grand total of 7 million Shiba Inu (SHIB) being burned throughout the day.

In the past week, the number of SHIB tokens moved to inaccessible blockchain wallets has increased by a staggering 843%. That’s approximately 114,255,785 SHIB tokens transferred over this period.

Although the SHIB burn rate remains low, there’s been a noticeable deceleration in activities on Shibarium, the SHIB’s layer-2 blockchain. Interestingly, since the latest upgrade, the number of SHIB tokens being burned has shown a direct relationship with the transaction activity occurring within SHIB’s internal ledger.

Shibarium transaction activity flattens

For the past week, the daily transaction count on Shibarium has significantly decreased. It fell by over 88% from approximately 28,680 transactions on August 20 to around 3,370 on August 23. Since then, this figure has remained relatively stable within a similar range, as shown by the Shibariumscan explorer.

On August 26th, there was a slight rise in daily transactions, reaching 4,020. In total, there have been 418,121,365 transactions so far, with a current count of 1,813,006 wallets connected to Shibarium.

Currently, Shiba Inu’s price is decreasing, falling by 10.5% over the past three days. After experiencing a surge of 23.32% last week and reaching an high of $0.00001610 on Saturday, it has now dropped to $0.00001441 – its current level.

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2024-08-27 16:19