SHIB Burns On Fire Despite Shiba Inu Price Going Down
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The daily Shiba Inu burn rate has demonstrated a substantial increase, with several millions of meme coins transferred out of the circulating supply.
SHIB burns increase overnight
Data published by the Shibburn explorer reveals that within the last 24 hours, the SHIB burn rate has staged a major rise of 62.58%.
This way, the Shiba Inu community has successfully disposed of 6,985,600 SHIB meme coins in total thanks to 10 burn transactions. The largest burn transfers registered by this tracker included 2,555,239, 1,500,000 and 1,045,369 SHIB.
In the meantime, over the past seven days, the SHIB community has managed to get rid of 57,671,544 SHIB. However, this is almost 57% less than was sent to unspendable blockchain wallets a week before; the weekly SHIB burn rate is in the red.
Overall, a staggering amount of 410,726,422,225,031 SHIB has so far been burned in total from the quadrillion supply created by Ryoshi when SHIB was launched in 2020. The supply of Shiba Inu that is currently circulating on the market equals 582,992,864,057,113 SHIB meme coins. A total of 6,280,713,717,854 SHIB have been locked in staking platforms.
Shiba Inu price performance
Over the period of the past 24 hours, the second largest meme cryptocurrency, SHIB, has staged a major decline of slightly over 4%, coming out of the range it had been moving in for three days prior to that.
The Shiba Inu price has dropped from the $0.00002504 level to $0.00002397, where it is changing hands at the time of writing.
Yuri MolchanShibarium transaction activity keeps plummeting
The Shibariumscan explorer shows a continuous decline in on-chain activity on this layer-2 solution.
The daily transaction count has dropped to the 11,910 mark, compared to 16,900 on Saturday. This is a more than 97% plunge compared to the 562,990 transactions spotted on Shibarium on April 17.
As for the total count of transfers on this progressive blockchain platform, it has by now shown a rise to 417,490,509, with the number of connected wallets sitting at 1,803,114.
The massive decline in transaction activity might be caused by the current upgrades implemented on Shibarium. Last week the charismatic SHIB lead Shytoshi Kusama announced that finally a new version of the ShibaSwap DEX has been bridged from the Ethereum blockchain to Shibarium, thus expanding the range of opportunities for SHIB users.
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