SHIB Burn Rate Collapses, Here's What's Happening on Shibarium

Shibburn wallet tracker shows that one of SHIB’s key metrics, token burn rate, has plunged deep into the red zone.

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According to data shown on the Shibburn website, the burn rate of the second largest meme cryptocurrency is almost 100% below the zero mark, with only 261,691 SHIB meme coins burned.

That was the only burn transfer over the past day so far. On the previous day, this tracker spotted a total of seven million SHIB in daily burns.

As for the weekly reading of this metric, it is up 843%, with 114,255,785 SHIB tokens transferred to unspendable blockchain wallets over the last seven days.

While the SHIB burn rate sits deep in the red, the state of things on layer-2 blockchain Shibarium has been somewhat slowing down as well. Meanwhile, after the recent upgrade was implemented on it, SHIB burns directly correlate with transaction activity on SHIB’s internal ledger.

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Shibarium transaction activity flattens

Over the past week, the daily transaction count on Shibarium has been going low after dropping by more than 88% from 28,680 on Aug. 20 to 3,370 on Aug. 23. Since then, this metric has been moving in roughly the same range, according to the Shibariumscan explorer.

On Aug. 26, the daily transaction count saw a marginal increase to 4,020. As for the total transaction count, it amounts to 418,121,365, with the number of wallets connected to Shibarium standing at 1,813,006.

Meanwhile, Shiba Inu is losing price momentum as well, having dropped by 10.5% over the past three days. After rising by 23.32% last week to a high of $0.00001610 on Saturday, the second largest canine-themed cryptocurrency plummeted to the current level of $0.00001441.