In the ever-evolving world of cryptocurrency, the Shiba Inu community is making waves yet again, this time with a significant surge in the daily burn rate of SHIB meme coins. According to data published by the Shibburn explorer, the past 24 hours have seen a remarkable increase of 62.58% in the burn rate, resulting in the disposal of a staggering 6,985,600 SHIB coins through 10 burn transactions.
This spike in burning activity adds to the ongoing trend, with a total of 410,726,422,225,031 SHIB coins already burned from the initial quadrillion supply introduced in 2020. Despite this, the circulating supply still stands at 582,992,864,057,113 SHIB, while 6,280,713,717,854 SHIB remains locked in staking platforms.
However, the recent surge in burning activity hasn’t translated into positive price performance for SHIB. Over the past 24 hours, the token has experienced a decline of slightly over 4%, dropping from $0.00002504 to $0.00002397. This comes after a period of relative stability, signaling potential volatility ahead for Shiba Inu investors.
Shiba Inu: Shibarium Transaction Activity Plunges Amid Upgrades
Meanwhile, on the blockchain front, Shibarium transaction activity is witnessing a steep decline. Daily transaction counts have plummeted to 11,910, marking a more than 97% decrease from April 17 levels. This downturn coincides with ongoing upgrades to the Shibarium platform, including the recent bridging of ShibaSwap DEX from Ethereum to Shibarium.
Despite the decrease in transaction activity, the total count of transfers on Shibarium has risen to 417,490,509, with 1,803,114 connected wallets. This suggests a shift in focus towards quality over quantity, as the community explores new opportunities within the Shibarium ecosystem.
At the time of writing, Shiba Inu stands at $0.00002411, marking a decline of -2.16% within the past 24 hours. Despite this recent price dip, the Shiba Inu coin (SHIB) remains an essential component of the Shiba ecosystem. Operating as an ERC-20 token, SHIB fuels various aspects of the ecosystem, reflecting its integral role in the digital landscape.
As the Shiba Inu community continues to navigate through these developments, all eyes remain on the burning activity, price fluctuations, and the evolution of the Shibarium platform. With each milestone reached, the journey of SHIB proves to be as dynamic and unpredictable as ever.