Shiba Inu Sees Increased Burn Rate
Release: 2024/07/23 02:44 Reading: 869
Shiba Inu: Increased Burn Rate and Market Observations
Shiba Inu has entered a period of consolidation, marked by a notable 60% decline in whale activity and the underperformance of its Layer-2 network, Shibarium. However, the SHIB burn rate has skyrocketed by over 500%, resulting in the incineration of more than 10 million tokens.
SHIB Market Dynamics
Despite modest gains, Shiba Inu remains in the positive territory. Its value has risen by 0.5% on a daily basis, currently hovering around $0.00001787, according to CoinGecko. However, key metrics suggest a contrasting narrative. Over the past 24 hours, the total daily volume exceeding $100,000 has plummeted by approximately 60%, standing at $10 million as of July 21st.
Shibarium's Performance
Shibarium, the Layer-2 network that supports Shiba Inu, has also experienced a decline. Active accounts have dwindled from 667 on July 21st to 107 currently, and the daily transaction count has decreased by almost 85%. Launched last August, Shibarium aims to mitigate transaction costs, improve scalability, and enhance speed within the Shiba Inu ecosystem. Recent updates include a new user interface compatible with popular wallets such as Coinbase Wallet, MetaMask, and Trust Wallet.
Key Takeaways
- Whale activity in Shiba Inu has diminished significantly.
- Shibarium's active accounts and transactions have experienced a sharp decline.
- The SHIB burn rate has witnessed a dramatic increase, potentially impacting price due to reduced supply.
Positive Indicators
Despite the negative data, there are some positive indicators for Shiba Inu. The SHIB burn rate has surged by over 500%, with more than 10 million tokens destroyed. While this may appear insignificant in USD terms, consistent burn efforts can positively influence valuation by reducing supply. To date, over 41% of SHIB's total supply has been burnt, leaving more than 583 trillion tokens in circulation.
Origin of News
This news article was originally published on BH NEWS: Shiba Inu Sees Increased Burn Rate.
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