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SHIB Burns Jump 550% as Shiba Inu Price Stays in Green

Tue, 07/04/2023 - 09:15
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Yuri Molchan
Rate of Shiba Inu burns has increased significantly, while price of meme coin continues to hold in green area
SHIB Burns Jump 550% as Shiba Inu Price Stays in Green
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After yet another day of negative burn rate, the Shiba Inu community has managed to push this metric up again to a high degree. Close to 80 million SHIB meme coins were transferred out of circulation this particular time, and the price of SHIB shows a small rise over the past 24 hours.

At press time, SHIB is changing hands at $0.00000767, according to CoinMarketCap. Recently, Shiba Inu has been pushed back to position number 19 on this crypto data platform, where it remains.

Burn rate soars 546%

After a total of 78,248,958 SHIB were sent to dead wallets since yesterday morning, the burn rate of Shiba Inu coins went up by 546.18%, according a recent tweet published by the Shibburn crypto tracking service.

The biggest single stash moved to a "burn" wallet totalled 59,972,026 SHIB, which is more than half of the overall above-mentioned SHIB amount.

As for the weekly burns, within the past week, the SHIB army destroyed 233,385,451 meme coins. This number looks impressive, were it not for the fact that this stash is 78.87% less than was burned a week before last.

Shibarium hits new utility milestone

Shibarium is a Layer 2 blockchain for Shiba Inu, whose testnet was launched on March 11 under the name Puppynet. Since then, it began to reach new milestones and all-time highs on various metrics pretty quickly.

Those are the number of connected wallets, the transaction count and the number of mined blocks. Over the past three days, it was the total number of transactions that surged to a new high, adding another million. At the time of this writing, this metric shows 26,654,133.

The number of wallets linked to Puppynet, according to Puppyscan, stands at 17,048,808, while the amount of mined blocks constitutes 1,548,369, with five seconds being the average block time.

SHIB Wallets on Their Way to Buyers, Here’s Estimated Delivery Start Date

Number of new SHIB wallets hits new high

According to recent data shared by IntoTheBlock data vendor, the amount of new Shiba Inu wallets has surged to over 4,000 at the end of June compared to merely 877 on May 21. This shows a strong ending of the second quarter for the new SHIB wallet count.

Aside from this, the Swiss crypto wallet maker, who partnered with SHIB recently, Tangem, announced that it had dispatched the first shipment of 5,000 cold SHIB wallets to Hong Kong. On July 24, based on expectations, the company will start delivering the preordered wallets to the buyers.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at