SHIB Burns Skyrocket 340%, Price Reacts Unexpectedly

According to the recent update shared by the Shibburn wallet tracking service, over the past day, one of Shiba Inu’s major metrics – the burn rate – has demonstrated a large increase, going up by several hundred percent.

This happened thanks to millions of these meme coins being transferred to burn blockchain wallets overnight.

Meanwhile, the Shiba Inu price has also staged a substantial increase.

SHIB burn rate jumps 340%

The mentioned SHIB tracking platform has shared that in the last 24 hours, the daily SHIB burn rate has managed to promptly grow by a massive 340.27%.

The number of meme coins locked in the unspendable blockchain addresses has soared to a total of 11,080,178, compared to the 2,516,677 SHIB that was torched by the SHIB community yesterday when this burn metric showed roughly minus 20%.

There have been seven burn transfers registered so far, the data source insists, with the largest one registered so far carrying 10,007,448 SHIB. The rest of the transactions were worth much less than even one million Shiba Inu coins.

Transaction activity on Shibarium remains low

As per the data shared by the Shibariumscan explorer, the total count of daily transactions on the layer-2 Shibarium blockchain remains down. It has even plunged lower compared to Sept. 11, when this metric showed 5,430 transfers to 3,810 on Sept. 12.

The transaction activity on Shibarium has a direct impact on the SHIB burn rate since a portion of the gas fees on Shibarium paid in BONE tokens are set aside and converted into Shiba Inu coins to then be burned automatically.

In November and December 2023, as well as in January 2024, the SHIB team manually burned several tens of billions of their native meme coins. Now, these burns are conducted automatically, after the recent major update on the layer-2 network.

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Meanwhile, the overall transaction count on Shibarium is approaching a major  new milestone of 420 million after just about 13 months since its launch in August last year. Currently, this metric stands at 418,180,344. The number of wallets connected to Shibarium equals 1,814,776, and the network has already generated 6,807,807 blocks.

Over the past 24 hours, the price of the second largest meme coin has increased by approximately 2%, reaching the $0.00001350 price level. Overall, Shiba Inu has been trading in this range over the last week.