Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Data shared by the public blockchain tracker Shibburn reveals a substantial imbalance that has struck the second-largest meme cryptocurrency over the past week, as millions of SHIB coins have been moved and locked into dead-end wallets.
93% surge in SHIB burn imbalance
The aforementioned on-chain data source has reported that, over the past seven days, the Shiba Inu community has managed to dispose of an impressive 22,652,982 SHIB coins. This has resulted in a 93.01% surge in weekly SHIB burns.
The largest SHIB chunks transferred to unspendable blockchain wallets contained 9,800,976 SHIB; 2,663,204 SHIB and several lumps of around one million meme coins or slightly more.
As for weekly burns, the rate has plunged by 84.79%, with 2,392,378 SHIB coins torched — 1,136,833 and 1,176,958 Shiba Inu being the largest SHIB lumps that were burned today.
On Thursday, as reported by U.Today, the daily SHIB burn rate demonstrated four-digit growth, rising by 6,354%, according to the Shibburn website.
Shibarium surpasses 1.5 billion transaction milestone
Meanwhile, the layer-2 network, Shibarium, continues to grow in terms of activity. Shibariumscan shows that by now the total amount of transactions on this blockchain has surpassed 1.5 billion and stands at 1,566,353,213.
However, the number of daily transactions has faced a drastic crash, having fallen from 4.07 million on Aug. 23 to merely 20,190 today.
The number of blocks that have been generated on it total 12,911,597, while there are a staggering 272,017,872 wallets connected to Shibarium right now.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team