The Shiba Inu burn rate has shown a significant decline, according to data recently shared by blockchain tracker Shibburn. Meanwhile, the SHIB price has shown movement in a completely different direction.
SHIB Burning vs SHIB Price
While the burn collapsed by more than 64%, according to Shibburn, the SHIB community has successfully burned 3,166,691 SHIB meme coins in the past 24 hours.
Six burn transactions have been in operation over the past day with the largest moving 1,040,537 and 1,008,249 Shiba Inu Meme Coins.
On Monday, the SHIB Army burned a little more, cumulatively transferring about 10,000,000 SHIB to unspendable wallets.
Meanwhile, the burn rate this time around is not tied to the price of SHIB. Over the past day, the most popular meme cryptocurrency Shiba Inu has seen a surge of more than 10%, rising from $0.00002117 to a price level of $0.00002336.
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Shibarium is approaching another major milestone
Shibariumscan explorer reveals that the layer 2 blockchain is looking forward to another major milestone. The total number of transactions currently stands at 698,969,876, quickly moving towards the 700 million mark.
The daily number of transactions on Shibarium now stands at 4.71 million. This is a significant increase since December 12, when this metric consisted of 4.58 million transactions. The newly added “Latest Transactions” section shows 175,088 new transactions. The number of wallets connected to the network now stands at 2,021,457.