SHIB Burn Plummets Nearly 100%, But Price Jumps 13% in Two Days

• Shiba Inu’s burn rate fell by 42.39% over the past 24 hours, with 2.6 million SHIB coins burned.
• SHIB burn transactions dropped by nearly 100% over the past week, with 26.6 million tokens removed from circulation.
• Shibarium transactions have fluctuated, affecting SHIB burn rates, but SHIB’s price surged by 13.3% in the last two days.

The Shiba Inu (SHIB) burn rate has sharply declined over the past week, even as its price experiences a notable surge. According to Shibburn, a token tracker that monitors SHIB burn transactions, the burn rate dropped significantly, reflecting a negative trend for the second-largest meme cryptocurrency. Despite this, the price of SHIB has risen by an impressive 13.3% in the last two days.

SHIB Burns Decline Across All Time Frames

Data from Shibburn indicates that over the past 24 hours, SHIB’s burn rate has decreased by 42.39%. During this period, a total of 2.6 million SHIB tokens were burned, which involves transferring these coins to unspendable blockchain wallets. This decline in burn rate is evident not just daily but also over the last seven days. Over the past week, the burn rate plunged by nearly 100%, with 26.6 million SHIB tokens burned 98.68% lower than the previous week.

Major Burn Transactions See a Drop

The number of SHIB tokens burned in major transactions has also decreased. Six burn transactions have been recorded since yesterday, with the two largest burning 1.1 million and 1 million SHIB, respectively. These transactions, aimed at reducing the supply of SHIB, have slowed compared to previous weeks. On Friday, over 4 million SHIB tokens were transferred to so-called “inferno” wallets, continuing the downward trend in burn activity.

Shibarium Transactions Linked to SHIB Burns

Shiba Inu burns are closely tied to transaction activity on Shibarium, a Layer-2 blockchain that was launched in August of last year. The recent decrease in daily burn rates correlates with a drop in Shibarium transaction volumes. On October 4, Shibarium saw approximately 4,550 daily transactions, a 19% increase from the previous day. However, this number is still far from the recent high of 11,230 transactions recorded on September 27.

Despite the significant drop in SHIB burn rates, the token’s price has continued to rise, demonstrating the unpredictable nature of the cryptocurrency market. As SHIB maintains its position as one of the top meme tokens, fluctuations in burn rates and transaction activity on Shibarium will likely continue to influence the coin’s price performance.