Shiba Inu Burn Rate Surges While Transaction Activity Drops

According to U.Today, the daily burn rate of Shiba Inu, a popular meme cryptocurrency, has seen a significant increase, with millions of coins being removed from the circulating supply. Data from the Shibburn explorer shows that the SHIB burn rate has risen by 62.58% in the last 24 hours. This has resulted in the Shiba Inu community successfully eliminating a total of 6,985,600 SHIB coins through 10 burn transactions. The largest burn transfers recorded by this tracker included 2,555,239, 1,500,000, and 1,045,369 SHIB. Over the past week, the community has managed to dispose of 57,671,544 SHIB, which is almost 57% less than the amount sent to unspendable blockchain wallets the previous week. In total, a staggering 410,726,422,225,031 SHIB has been burned from the quadrillion supply created by Ryoshi when SHIB was launched in 2020. The current circulating supply of Shiba Inu on the market is 582,992,864,057,113 SHIB coins, with 6,280,713,717,854 SHIB locked in staking platforms. However, the price of SHIB has seen a decline of just over 4% in the past 24 hours, dropping from $0.00002504 to $0.00002397. On the other hand, the Shibariumscan explorer indicates a continuous decrease in on-chain activity on this layer-2 solution. The daily transaction count has fallen to 11,910, a significant drop from the 16,900 recorded on Saturday. This represents a more than 97% decrease compared to the 562,990 transactions observed on Shibarium on April 17. The total number of transfers on this progressive blockchain platform has risen to 417,490,509, with the number of connected wallets at 1,803,114. This massive decline in transaction activity could be due to the current upgrades being implemented on Shibarium. Last week, SHIB lead Shytoshi Kusama announced the bridging of a new version of the ShibaSwap DEX from the Ethereum blockchain to Shibarium, expanding the opportunities for SHIB users.