According to the latest data from the Shibburn wallet tracking service, one of Shiba Inu's major metrics, the burn rate, has shown a significant increase over the last day, surging by several hundred percent.
SHIB Burn Rate Jumps 340%
The SHIB tracking platform has reported that the daily SHIB burn rate has soared by an impressive 340.27% over the last 24 hours. The total number of meme coins locked in unspendable blockchain addresses has risen to 11,080,178 compared to the 2,516,677 SHIB torched by the SHIB community yesterday when this burn metric showed approximately -20%. Seven burn transfers have been registered so far, with the largest one carrying 10,007,448 SHIB.
Low Transaction Activity on Shibarium
According to data from the Shibariumscan explorer, the total count of daily transactions on the layer-2 Shibarium blockchain remains low. It has even dipped lower compared to September 11, when there were 5,430 transfers recorded compared to 3,810 on September 12. Transaction activity on Shibarium directly impacts the SHIB burn rate, as part of the gas fees on Shibarium paid in BONE tokens are set aside and converted into Shiba Inu coins to be burned automatically.
Shibarium Metrics and SHIB Price
In November and December 2023, as well as January 2024, the SHIB team manually burned several tens of billions of their native meme coins. Now, these burns are conducted automatically following a recent major update on the layer-2 network. Meanwhile, the overall transaction count on Shibarium is nearing a major milestone of 420 million in 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 is 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 level. Overall, Shiba Inu has been trading within this range over the last week.
The significant increase in burn rate and the rise in Shiba Inu's price highlight the importance of recent updates and activity on the Shibarium blockchain.
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