Recent data from Shibburn, a tracking platform for Shiba Inu (SHIB) burns, reveals a significant decline in the SHIB burn rate. In the past 24 hours, the burn rate has plummeted nearly 20%, with only 2,516,677 SHIB tokens removed from circulation. This sharp drop contrasts with the previous day, which saw a remarkable 8,193% increase in burns, totaling 3,106,197 SHIB coins.
Shibarium Activity Remains Low
The slow pace of activity on Shibarium, Shiba Inu’s layer-2 blockchain, contributes to the reduced burn rate. Despite a recent 187.302% surge in daily transaction counts—from 1,890 to 5,430—the figures are still far below the peak of 28,680 transactions observed on August 20.
Related article: Shiba Inu Burn Rate Soars 404%: Can it Trigger a Trend Reversal?
Shibarium transactions directly affect SHIB burns; a portion of BONE tokens paid as gas fees is converted to SHIB and then sent to “inferno” wallets for burning. At the end of 2023 and beginning of 2024, the Shiba Inu team manually burned tens of billions of BONE tokens by converting them into SHIB. Recently, an automated system implemented in January has taken over this process.
Performance of SHIB
Over the past week, Shiba Inu experienced a 7.51% price increase, rising from $0.00001269 on Friday to $0.00001364 on Tuesday. This peak occurred twice during the week—first on Monday and then again on Tuesday after a brief decline.
Related article: Shiba Inu Burn Rate Skyrockets: Will SHIB Price Rebound Last?
However, the coin lost some of its gains on Wednesday, dropping 4.4%. As of the latest update, SHIB has recovered 2.64% and trades at $0.00001338.
Despite this recovery, SHIB’s price has decreased by 16.15% since August 24, falling from a high of $0.00001595.
