SHIB Burns Deep in Red as the Price Stages a Substantial Increase

Shibburn token tracker, which monitors SHIB burn transactions, has shared that this major metric of the second largest meme cryptocurrency

Shiba Inu (SHIB) burns have hit rock bottom, with a 42.39% decrease in the past 24 hours. According to Shibburn, a token tracker, only 2,600,481 SHIB were burned in the past day. This低い burn rate is impacting SHIB price positively, with a 1.36% increase in 24 hours.

Shibburn, a platform that tracks Shiba Inu (SHIB) burns, has shared that this crucial metric of the second largest meme cryptocurrency has been showing negative readings on both the daily time frame and in total over the past week.

At the same time, the SHIB price is displaying completely opposite figures, showing a substantial increase in the last 24 hours and over the past two days as well. Since Thursday, SHIB has managed to secure an impressive 13.3% growth.

SHIB burns deep in red

As a recent tweet by Shibburn reads, in the past 24 hours, the burn rate is down by 42.39%, with a total of 2,600,481 SHIB meme coins burned, which were transferred to unspendable blockchain wallets.

The platform shares that there have been six burn transactions in total since last morning. Of these, the two largest transactions carried 1,143,510 and 1,000,000 SHIB to dead addresses.

On Friday, slightly more than 4,000,000 SHIB were scorched and locked in “inferno” wallets.

HOURLY SHIB UPDATE

SHIB Price: $0.00001764 (1hr -0.16% ▼ | 24hr 1.36% ▲ )

Market Cap: $10,401,556,133 (1.50% ▲)

Total Supply: 589,269,145,013,390

TOKENS BURNED

Past 24Hrs: 2,600,481 (-42.39% ▼)

Past 7 Days: 26,638,951 (-98.68% ▼)

As for the weekly burns, the tweet states that in the past seven days, the burn rate has dropped by nearly 100%. The amount of torched meme coins adds up to 26,638,951 SHIB. This is 98.68% less than a week prior.

Shibarium daily transactions down in the dumps

Recently, Shiba Inu burns have been closely linked to transaction activity on the Layer-2 blockchain Shibarium that was launched in late August last year. Currently, the daily transaction count on Shibarium is very low. As of Oct. 4, it reaches around 4,550.

This marks a 19% increase from a day before, when it was as low as 3,800 on-chain transfers. On Oct. 2, this metric was higher, with about 7,500 transactions. The recent peak was on Sept. 27, when the daily transaction count reached 11,230.