Key SHIB Metric Frozen in Past Few Days – What’s Happening?

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As a seasoned researcher with years of experience under my belt, I find myself intrigued by the current state of Shiba Inu (SHIB) and its burn rate. The fact that SHIB burns have seemingly frozen, without any official comment from the team, is certainly an unusual development.

Based on multiple reports, the burn rate among significant Shiba Inu metrics has remained low or at zero over the past few days, as there’s been no movement of these meme tokens into “inferno” wallets.

SHIB burns frozen, no comments from team

According to Etherscan, the latest SHIB burning transaction happened five days back, with a total of 1,703,894 Shiba Inus being destroyed. Meanwhile, data from the Shibburn platform indicates that the last burn transfer occurred two days ago, and it involved fewer than 100,000 Shiba Inus.

Currently, Shibburn is indicating an unusually high increase (1,088%) in the SHIB burning rate compared to two days ago, yet there have been no new transactions recorded in the past two days.

According to a recent tweet from Shibburn, the daily burn rate for SHIB currently stands at zero, but the weekly burn rate has decreased by 85.23%. This means that approximately 7,090,416 SHIB tokens have been transferred to unspendable blockchain wallets in the last week.

possible way of paraphrasing the given text in natural and easy to read language:

— Shibburn (@shibburn) August 22, 2024

In summary, there’s been no daily Shiba Inu token (SHIB) burning since August 20th, a phenomenon that hasn’t been explained by official SHIB sources yet. Interestingly, this freeze in burns seems to echo an occurrence or two earlier this year. At that time, it was suggested that the development team was engrossed in implementing numerous updates and integrations, which might have contributed to both the absence of burns and reduced transaction activity on Shibarium.

Shibarium celebrates first anniversary

Back in August, the Shiba Inu team unveiled their layer-2 solution for SHIB called Shibarium at the ETHToronto annual conference held in Canada. Since then, over 418 million transactions have been handled on it and more than 1.8 million wallets are connected to this platform.

Shibarium offers a variety of functions, ranging from the execution of smart contracts to the creation of Non-Fungible Tokens (NFTs). Furthermore, it has undergone three successful hard forks: Delhi, Indore, and Shanghai.

🎉 Let’s rejoice as Shibarium marks its first anniversary! 🎂1️⃣🥳

— Shibarium Network (@ShibariumNet) August 21, 2024

1. Shibarium has attracted around 200 dApp developers and entered into significant collaborations like the one with K9 Finance. Lately, Hoichi, an external connection, became active. The team behind SHIB announced the launch of a fresh version of ShibaSwap on Shibarium. This version operates not just on Shibarium but also on Ethereum, functioning as a conduit for assets between these two blockchain networks.

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2024-08-22 16:27