Shiba Inu (SHIB) Burn Rate Surges by 340% in Last 24 Hours

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. SHIB Burn Rate Jumps 340%
  2. Low Transaction Activity on Shibarium
  3. Shibarium Metrics and SHIB Price


    4. 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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

US Treasury Department Moves to Cut MEXC Global from Financial System

The US Treasury Department has taken action against MEXC Global, a cryptocurrency exchange, to sever its ties with the American financial system due to accusations of facilitating over $16 billion in illicit transactions linked to Iran, North Korea, and Russia.

user avatarLucas Weissmann

Political Fallout from Ueno Bank Crisis in Paraguay

The Ueno Bank crisis has triggered significant political repercussions in Paraguay, including the resignation of President Santiago Peña and potential impeachment proceedings.

user avatarFilippo Romano

Greece Enhances Crypto Tax Transparency Measures

Greece will implement new reporting and documentation requirements for cryptocurrency purchases starting in 2027 to ensure funds come from declared income or lawful sources.

user avatarTomas Novak

Greece Introduces 10% Tax on Crypto Investment Profits

Greece introduces a 10% tax on individual crypto investment gains starting January 1, 2027.

user avatarEmily Carter

Gnosis Pay Implements Enhanced Security Measures Following Breach

Gnosis Pay has implemented enhanced security measures, including 3D Secure for online payments and increased fraud monitoring, following a data breach.

user avatarMaya Lundqvist

Gnosis Pay Reports Data Breach Affecting Customer Information

Gnosis Pay reported a data breach where hackers accessed customer information through its card system, prompting immediate containment measures.

user avatarKaterina Papadopoulou

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.