Millions of Shiba Inu Burned, While SHIB Price 10% Down

Sat, 11/18/2023 - 20:00
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According to data provided by the Shibburn wallet tracker, over the span of the last 24 hours, the SHIB army has transferred several tens of millions of SHIB to dead-end wallets — 49,806,773 Shiba Inu meme coins in total.

Nearly all of these SHIB got burned in a single transfer, which moved 49,750,000 SHIB to the "blockchain furnace." The other four transfers have not exceeded 20,360 Shiba Inu.

In the meantime, the second largest meme cryptocurrency Shiba Inu shows an approximately 10% decrease since Nov. 11. On Tuesday, Nov. 14, the SHIB price reached a 15% drop but then reversed and has shown a 6.77% increase since then. It has several times tried to break through the $0.00000910 resistance, but these attempts were unsuccessful.

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Shibarium main metrics slow down

Shibariumscan explorer shows a slowdown in two major metrics that measure the utility of this Layer-2 blockchain — transactions and connected wallets.

Currently, the total transaction count on Shibarium stands really close to the 4-million mark at 3,968,531 with only around 100,000 new transactions added over the past couple of weeks. For more than a month, the total count froze slightly above the 1,800,000 level too.

At the time of this writing, the daily transaction count shows 12,360 after a recent local peak of 12,360 on Oct. 25. Several times in September after Shibarium was relaunched, this peak reached a whopping 200,000 level and even surpassed it.

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The number of connected wallets on Shibarium seems to be the slowest to rise. At the moment, this metric shows 1,266,148 in total. Two weeks ago, it stood at 1,259,958.