SHIB Burn Rate Jumps 232% in 24 Hours, While Weekly Totals Decline

• Shiba Inu burn rate rises sharply, with over 9 million SHIB burned in 24 hours, increasing by 232%.
• The past week’s SHIB burn rate lags at -84%, showing a slower burn trend over seven days.
• SHIB’s recent burn surge comes as its price gains 2.03% amid recent crypto market turbulence.

In a recent update from the Shibburn platform, Shiba Inu (SHIB) saw a 232% spike in its burn rate over the past 24 hours. Shibburn, a widely followed burn-tracking source, reported that more than 9 million SHIB tokens were burned within a day. Despite the rapid pace, the weekly figures reveal a far more modest burn rate overall.

This recent 24-hour burn was carried out through seven separate transfers to inactive wallet addresses, effectively removing these tokens from circulation. Among these transactions, the largest three burns accounted for a significant chunk, transferring 4.5 million, 3.5 million, and 1.9 million SHIB to dead wallets. The surge in burns could imply increased community engagement as Shiba Inu strives to maintain value amid turbulent market conditions.

Weekly SHIB Burn Figures Fall by 84%

Despite the recent 24-hour surge, Shibburn’s weekly metrics tell a different story, with SHIB’s burn rate showing an 84.7% drop for the past seven days. This significant reduction amounts to around 48.8 million SHIB tokens burned in that timeframe, a notable slowdown compared to previous weeks. The contrast between daily and weekly burns underscores potential fluctuations in community engagement and token-burning activity.

This comes at a critical time for SHIB as the coin faces ongoing price struggles following a sharp market downturn. On Friday, SHIB dropped by 5.2% following Bitcoin’s 2.7% decline, which stemmed from factors like a recent U.S. government probe into Tether and escalating geopolitical tensions. These market pressures impacted SHIB significantly, causing a drop despite attempts to stabilize.

NFT Bridge Expands Shibarium Functionality

On the technology front, SHIB’s development team introduced a new NFT transfer bridge between Ethereum and Shibarium, furthering the ecosystem’s interoperability. SHIB’s marketing lead, known as Lucie, shared a guide to using the NFT Bridge, allowing users to transfer their non-fungible tokens from Ethereum to Shibarium’s blockchain. This streamlined bridge allows SHIB users to connect their Ethereum wallets, select NFTs for transfer, and complete the process with a simple confirmation step. 

Lucie’s announcement marks a notable milestone, expanding Shiba Inu’s utility beyond typical meme coin functionalities and into cross-chain token transfers. By enhancing its ecosystem, SHIB may gain appeal among users interested in blockchain projects that enable NFT interoperability.

SHIB’s Price Reacts Amid Market Volatility

Despite a slight recovery over the weekend, Shiba Inu’s price remains volatile, reflecting broader market pressures. Following Friday’s drop, SHIB’s value increased by 2.03%, showing moderate resilience. However, the broader crypto market downturn has impacted the coin’s price stability, with other major assets facing similar challenges. The SHIB burn trend and price fluctuations highlight ongoing efforts to counter inflation and increase scarcity, though the weekly burn figures suggest that sustainability may remain an area for future focus.