SHIB Burns Deep in Red – What's Happening?
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According to data shared by the Shibburn tracking platform, over the last 24 hours, the SHIB burn rate has gone deep down into the red zone, with just a tiny amount of meme coins extracted from the circulating supply.
In the meantime, the pace of activity on Shibarium continues to remain slow, which does not provide any good contributions to regular SHIB burns.
SHIB burns plunge, so does Shibarium activity
The above-mentioned burn transaction tracker shows that over the last 24 hours, the burn rate is almost -20%, with a total of 2,516,677 SHIB coins transferred to unspendable blockchain addresses and out of the circulating supply.
On the previous day, according to the data shared by Shibburn, SHIB printed an impressive 8,193% increase when 3,106,197 Shiba Inu coins were scorched.
Meanwhile, according to the Shibariumscan explorer, the daily transaction count on this layer-2 blockchain has witnessed an 187.302% increase in the past two days, when the transfer count surged from 1,890 to 5,430 transactions per day.
Still, this stands nowhere near the local high of 28,680 transactions on Aug. 20. It must be noted that SHIB burns are tightly connected to Shibarium transaction activity. From each gas fee paid for utilizing Shibarium in BONE tokens, a certain portion is set aside. As soon as a decent amount of BONE is saved this way, these tokens are automatically converted into SHIB and then transferred to “inferno” wallets.
At the end of 2023 and the start of 2024, tens of billions of BONE were converted to SHIB by the Shiba Inu team manually and then burned. Now, an automated system announced back in January has finally been implemented.
Yuri MolchanSHIB market performance
Over the past week – from Friday to Tuesday – the second largest meme cryptocurrency, Shiba Inu, has demonstrated a substantial increase of 7.51%, soaring from $0.00001269 to $0.00001364. This peak was reached twice this week – on Monday, and then it recovered again on Tuesday after a small decline.
On Wednesday, that price surge was lost after a 4.4% decline. However, over the last 24 hours, SHIB has managed to regain 2.64% and is changing hands at $0.00001338 at the time of writing.
Overall, from Aug. 24 until now, Shiba Inu meme coin’s price has decreased by 16.15%, falling from the local high of $0.00001595.
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