SHIB Burns Deep in Red – What’s Happening?

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As a seasoned crypto investor with a penchant for meme coins and a soft spot for Shiba Inu, I must admit that this recent dip in burn rates and activity on Shibarium has left me a bit concerned. The last time we saw such low burn rates was back when our beloved Shiba pups were still learning how to fetch their bones.

As reported by the Shibburn monitoring system in the past 24 hours, the burn rate for SHIB has significantly decreased and moved into the “red zone”, indicating that only a small number of SHIB tokens have been removed from circulation as meme coins.

For now, Shibarium’s level of activity stays relatively low, offering little aid to frequent SHIB token burns.

SHIB burns plunge, so does Shibarium activity

According to the discussed burn transaction tracker, in the past 24 hours, the burn rate has been nearly 20% less, resulting in approximately 2,516,677 SHIB tokens being moved to non-spendable blockchain wallets and reducing the current circulating supply.

Yesterday, as per data from Shibburn, the Shiba Inu coin saw a remarkable surge of 8,193%, with a total of 3,106,197 coins being burned.

Over the last day, a total of 2,516,677 Shiba Inu tokens have been destroyed in a single transaction, making that the one and only such occurrence. To see the grand total of tokens burned, the current circulating supply, and additional data, navigate to the link provided.

— Shibburn (@shibburn) September 12, 2024

Over the past two days, as indicated by Shibariumscan data, there’s been a significant jump of approximately 187.302% in the daily transaction count on this layer-2 blockchain. This surge was particularly noticeable when the number of transactions skyrocketed from 1,890 to 5,430 per day.

Despite reaching a notable number of transactions, it’s important to mention that this figure falls significantly short of the local peak of 28,680 transactions recorded on Aug. 20. It’s worth noting that Shiba Inu (SHIB) burns are directly linked to transaction activity on Shibarium, with a percentage of gas fees paid for using Shibarium being set aside in BONE tokens. Once a substantial amount of BONE is accumulated through this process, these tokens are automatically converted into SHIB and moved to “inferno” wallets.

Towards the close of 2023 and the beginning of 2024, a significant number of BONE tokens were transformed into SHIB by the Shiba Inu team and subsequently destroyed. An automated system that was initially proposed in January has now been put into action.

SHIB market performance

Over the last seven days, starting from Friday and ending on Tuesday, Shiba Inu – the second largest meme cryptocurrency – saw a noteworthy jump of approximately 7.51%. This took its value from $0.00001269 to $0.00001364. Interestingly, this high was hit twice during that week – first on Monday, and then it rebounded again on Tuesday following a minor dip.

On Wednesday, the price surge was erased following a 4.4% drop. Yet, over the past 24 hours, SHIB has made a comeback by gaining 2.64%. Currently, it is trading at $0.00001338.

Since August 24th, the price of the Shiba Inu meme coin has dropped by approximately 16.15%. This decline occurred after reaching a peak of $0.00001595.

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2024-09-12 15:05