In the past 24 hours, the SHIB burn rate has significantly decreased, while activity on the Shibarium platform remains low, negatively affecting regular SHIB burns.
Sharp Decline in SHIB Burn Rate
According to data from the Shibburn transaction tracker, the burn rate has dropped nearly 20% in the last 24 hours, with only 2,516,677 SHIB coins sent to unspendable blockchain addresses and removed from circulation. In comparison, the previous day saw an impressive 8,193% increase in burns, with 3,106,197 Shiba Inu coins scorched.
Shibarium Activity
According to the Shibariumscan explorer, the daily transaction count on this layer-2 blockchain has surged 187.302% in the past two days, rising from 1,890 to 5,430 transactions per day. However, this figure is far from the local high of 28,680 transactions on August 20. It should be noted that SHIB burns are closely linked to Shibarium transaction activity. Each gas fee paid in BONE tokens is allocated for burning. At the end of 2023 and the start of 2024, billions of BONE were converted to SHIB and burned manually by the Shiba Inu team. An automated system announced in January has now been implemented.
SHIB Market Performance
Over the past week – from Friday to Tuesday – the second-largest meme cryptocurrency, Shiba Inu, demonstrated a substantial increase of 7.51%, rising from $0.00001269 to $0.00001364. This peak was reached twice this week – on Monday and then recovering again on Tuesday after a small decline. However, on Wednesday, that price surge was lost after a 4.4% decline. Over the last 24 hours, SHIB has managed to regain 2.64% and is trading at $0.00001338 at the time of writing. From August 24 until now, Shiba Inu's price has decreased by 16.15%, falling from the local high of $0.00001595.
Current data indicates that the SHIB burn rate and activity on Shibarium remain low, directly affecting the price dynamics of the Shiba Inu cryptocurrency.
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