Recently, the rate at which Shiba Inu (SHIB) tokens are being destroyed, known as burn rate, saw a significant decrease following a large increase the previous day. This sudden change is causing worry among supporters since burning tokens is an essential part of the SHIB community’s functioning.
Shiba Inu’s Burn Rate Declines By 99%
The Shibburn data platform indicates a dramatic decrease of approximately 99.5% in the daily burn rate for Shiba Inu tokens within the past 24 hours. Contrastingly, there was a significant surge of around 18,000% the previous day. It’s important to mention that most of this increase can be attributed to a single transaction involving a specific address that burned 650 million SHIB in one instance.
After that point, approximately 3.2 million SHIB tokens have been destroyed. This is the reason behind the significant decrease in the token burn rate. The primary cause of this reduction can be linked to a decline in SHIB trading transactions over the past day. According to CoinMarketCap, there was a 35% drop in SHIB’s trading volume during this timeframe.
It’s plausible that the decrease in cryptocurrency trading is caused by pessimistic feelings towards the market, given the doubt surrounding the direction of crypto assets such as SHIB. This uncertainty has predominantly stemmed from the escalating conflict between Iran and Israel over the weekend, which has already left a substantial mark on the market.
In the midst of a declining market, Shibburn’s data provides a positive sign: Shiba Inu’s burn rate has surged by more than 271% over the past week. This indicates that the pace of SHIB tokens being destroyed has continued to accelerate. This consistent trend could be significant during this bull run, given the growing interest in the meme coin.
Shibarium Adoption On The Rise
Clifford, an active member of the SHIB community, brought up the intriguing surge in Shibarium wallet addresses recently. He pointed out that more than 209,000 new wallets have joined the layer-2 network within just the past two days. At the time of his announcement, there were over 1.6 million unique addresses on the network. Remarkably, this number has since grown to over 1.78 million.
Shibarium’s daily transaction count is on the rise, with a noticeable uptick since hitting a recent low of 5,360 on April 10. This number has climbed since then, reaching a recent peak of 419,000 transactions on April 14. The surge in Shibarium’s transaction activity is an encouraging sign, potentially contributing to the acceleration of SHIB token burn.
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2024-04-15 22:41