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Review of Recent SHIB Burns
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Review of Recent SHIB Burns

May 20, 2024

The burn rate of SHIB, despite the reduction in Shiba Inu price, showed a significant increase. The latest data from researcher Shibburn indicates a significant increase of 62.58% in the SHIB burn rate over the last 24 hours. Through ten burning operations, the community was able to destroy a total of 6,985,600 SHIB meme coins. Some of the largest burns recorded are 2,555,239, 1,500,000 and 1,045,369 SHIB.

In the last seven days, the SHIB community has successfully burned 57,671,544 SHIB. However, this amount is 57% lower compared to last week's burn rate, resulting in a negative weekly burn rate for SHIB.

To date, out of the quadrillion supply created by Ryoshi during the launch of SHIB in 2020, a total of 410,726,422,225,031 SHIB have been burned. The circulating supply of Shiba Inu currently stands at 582,992,864,057,113 SHIB meme coins, with 6,280,713,717,854 SHIB locked on staking platforms.

Shiba Inu price performance

Over the past 24 hours, SHIB, the second largest meme cryptocurrency, experienced a significant decline of 4% after maintaining a stable range for three days. The price decreased from $0.00002504 to $0.00002397 during this period.

Decreased transaction activity in Shibarium

Data from researcher Shibariumscan shows a continuous decline in on-chain activity on this layer 2 solution. The daily number of transactions fell to 11,910 from 16,900 on Saturday. This represents a more than 97% decrease from the 562,990 transactions seen on April 17. The total number of transfers increased to 417,490,509, with 1,803,114 connected wallets.

The decrease in transaction activity in Shibarium is due to the latest updates implemented on the platform. Last week, Shitoshi Kusama, the charismatic leader of SHIB, announced that a new version of the ShibaSwap dex was being bridged from the Ethereum blockchain to Shibarium. This action is intended to increase opportunities for SHIB users.

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