SHIB Burns Plunge on All Time Frames, What's Happening?

Shibburn token tracker, which monitors SHIB burn transactions, has shared that this major metric of the second largest meme cryptocurrency Shiba Inu has been showing negative readings both on the daily time frame and over the last week in total.

Meanwhile, the SHIB price is showing quite opposite figures, staging a substantial increase in the last 24 hours and over the past two days too. Since Thursday, SHIB has printed impressive 13.3% growth.

SHIB burns deep in red

According to a tweet recently published by Shibburn, in the past 24 hours, the burn rate is 42.39% down with a total of 2,600,481 SHIB meme coins burned, i.e., transferred to unspendable blockchain wallets.

The website shares that there have been six burn transactions so far since last morning. The two biggest ones carried 1,143,510 and 1,000,000 SHIB to dead addresses.

On Friday, slightly more than 4,000,000 SHIB were scorched and locked in “inferno” wallets.

As for the weekly burns, the tweet stated that in the past seven days, the burn rate has plunged by nearly 100%. The amount of torched meme coins constitutes 26,638,951 SHIB. That is 98.68% less than a week before.

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Shibarium daily transactions drop

Shiba Inu burns have recently been closely connected with transaction activity on the Layer-2 blockchain Shibarium launched in late August last year. Currently, the amount of daily transactions on Shibarium is far from high. As of Oct. 4, it comprises roughly 4,550.

This is a 19% increase from a day before, when it was as low as 3,800 on-chain transfers. On Oct. 2, this metric was much higher, showing 7,500 transactions. The most recent peak was reached Sept. 27, when the daily transaction count soared to 11,230.