SHIB Burns On Fire Despite Shiba Inu Price Going Down

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As an experienced analyst, I’ve closely monitored the cryptocurrency market and have taken note of the recent developments surrounding Shiba Inu (SHIB). The daily burn rate of this meme coin has seen a substantial increase within the last 24 hours, with over 6 million SHIB coins being burned. This is a significant jump from the weekly burn rate, which has shown a decline of almost 57%. These burn transactions were facilitated by ten large transfers, with the largest one involving 2.5 million SHIB.

As an analyst, I’ve noticed a significant surge in the daily Shiba Inu coin burn rate, with over several million tokens being removed from circulation.

SHIB burns increase overnight

The Shibburn explorer’s recent data indicates a significant increase of 62.58% in the SHIB burning rate over the past 24 hours.

As a data analyst, I can tell you that the Shiba Inu community has managed to get rid of a grand total of 6,985,600 SHIB meme coins through ten separate transactions. The most significant coin burns, as recorded by this tracker, amounted to 2,555,239, 1,500,000, and 1,045,369 SHIB respectively.

Over the last week, the SHIB community has successfully disposed of approximately 57 million SHIB tokens from circulation. However, this represents a significant decrease of around 57% compared to the amount sent to unreachable wallets on the blockchain just a week prior. The weekly SHIB burn rate currently shows a deficit.

HOURLY SHIB UPDATE$SHIB Price: $0.00002383 (1hr -1.77% ▼ | 24hr -3.80% ▼ )Market Cap: $14,172,538,490 (-2.80% ▼)Total Supply: 589,273,577,774,968TOKENS BURNTPast 24Hrs: 6,985,600 (62.58% ▲)Past 7 Days: 57,671,544 (-56.28% ▼)— Shibburn (@shibburn) May 20, 2024

Approximately 410.7 trillion Shiba Inu tokens, which is over 90% of the total supply created when the coin was launched in 2020, have been burned to date. The circulating supply of SHIB in the market amounts to around 583 trillion tokens. Nearly 6.3 quadrillion SHIB tokens are being held in staking platforms.

Shiba Inu price performance

In the last 24-hour span, SHIB, the second largest meme cryptocurrency, experienced a significant drop of approximately 4%. This decline marked a departure from its stable three-day trend.

The price of Shiba Inu has decreased from $0.00002504 to its current level of $0.00002397 during the composition of this article.

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Shibarium transaction activity keeps plummeting

The Shibariumscan explorer indicates a consistent decrease in on-chain actions taking place on this layer-2 solution.

As an analyst, I’ve observed a significant decrease in daily transaction counts on Shibarium. Specifically, we’ve seen a drop from 16,900 transactions on Saturday down to 11,910 as of now. This represents a steep decline of over 97% compared to the staggering 562,990 transactions recorded on April 17.

The number of transfers on this advanced blockchain network has reached a total of 417,490,509, while there are currently 1,803,114 connected wallets.

The significant drop in transactions could be due to the ongoing improvements on Shibarium. Last week, Shytoshi Kusama, the dynamic leader of SHIB, announced that the new version of ShibaSwap decentralized exchange has been linked from the Ethereum blockchain to Shibarium. This development broadens the possibilities for SHIB users.

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2024-05-20 12:19