SHIB Burns On Fire As Price Gets on Verge of Breakout

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Written By Maya Cantina

Wed, 17/04/2024 – 7:32

Cover image via www.freepik.com

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The Shiba Inu community continues to relentlessly burn SHIB meme coins no matter what. This time, a substantial amount of SHIB has found its way into dead wallets despite the major decline in the key Shibarium metric.

Meanwhile, the SHIB price continues its attempts to break out of the range.

Millions of SHIB destroyed

According to the recent update on the website of the popular burn tracker Shibburn, within the last 24 hours, the SHIB army has successfully transferred tens of millions of SHIB to unspendable blockchain addresses – 24,360,186 meme coins were locked permanently out of the circulating supply.

This has driven the burn rate of this meme cryptocurrency by 25.92% up, in accordance with the data published by the above-mentioned source.

The two largest burn transactions here carried 20,000,000 and 4,161,487 SHIB, burning nearly all of the SHIB that were destroyed this time.

Shibarium’s key metric plummets

The Shibariumscan explorer has shared that one of the key metrics of this Layer-2 solution built on top of Ethereum by the SHIB team has plunged again after displaying a massive growth earlier this week.

The daily transaction count dropped to reach 359,090 transfers on April 16 after soaring almost 3x a day before to hit 958,440 daily transfers. That tremendous increase took place after the metric collapsed to 5,630 on April 10.

With the daily transfer count moving slowly, the overall transaction number on Shibarium is also growing at a very slow pace, having reached 416,130,727 by now, adding approximately a million transfers over the past few weeks.

This slowdown in Shibarium’s utility has been witnessed despite the recent major partnerships inked by the Shiba Inu team with major partners and the total number of accounts on Shibarium soaring to over 100,000 from approximately 75,000 within just several days earlier in April.

SHIB price performance 

Between Sunday and Tuesday, the second most popular meme cryptocurrency Shiba Inu faced a massive 10%+ crash. Since then, the canine-themed crypto has been trying to recover and break out of the range it has been moving in.

However, so far, SHIB has only managed a pare part of its losses, regaining 6.38%. At the time of writing this, it is changing hands at $0.00002246 on the cryptocurrency heavyweight Binance.

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