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Millions of Shiba Inu (SHIB) Burned in Last 24 Hours as This Metric Also Spikes

Fri, 03/24/2023 - 15:25
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Tomiwabold Olajide
Shibarium receives new update
Millions of Shiba Inu (SHIB) Burned in Last 24 Hours as This Metric Also Spikes
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According to the Shibburn Twitter account, millions of SHIB have been burned in the past 24 hours. A total of 17,471,415 SHIB tokens have been burned in the last 24 hours in 13 transactions. 

In the last seven days, 871,678,685 SHIB tokens have been burned so far. However, the daily burn rate is down by 36.39%.

Shiba Inu: Pro Ripple Lawyer Comments on How Long It Might Take to Burn Enormous SHIB Supply

On the other hand, large holders, or whales, are making moves on the market as the number of large SHIB transactions is on the rise in the last 24 hours.

According to IntoTheBlock, large transaction increases are often due to a rise in whale activity, either buying or selling, and a transaction is generally more than $100,000. In the last 24 hours, large transactions were up 63%. 

At the time of writing, SHIB was marginally down in the last 24 hours at $0.0000106. 

Shibarium receives new update

Shiba Inu community-focused account Lucie Shib has reported new updates for Shibarium Layer 2. The Shibarium protocol received a new chain ID while the team is working on the Faucets update.

It should be recalled that, in the past week, Shiba Inu developer Kaal Dhairya promised to deploy a new chain ID in response to the buzz generated after a Shiba Inu Discord channel member pointed out that the Shibarium chain shared the same Chain ID as the Rinia testnet chain, 917.

"Now the new chain ID for Shibarium BETA is 719", a SHIB community member tweeted sharing a screenshot of Shib testnet RPC.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.