Key SHIB Metric Frozen in Past Few Days – What’s Happening?

According to various sources, of the key SHIB metrics, the burn rate has been showing the negative (or zero) level during the last few days, with no amount of these meme coins transferred to “inferno” wallets.

SHIB burns frozen, no comments from team

Etherscan shows that the most recent SHIB burn transaction was performed five days ago, when a total of 1,703,894 Shiba Inu were burned. Another popular source of SHIB burn data, the Shibburn platform, shows that the last burn transfer was made two days ago, and it constituted less than 100,000 Shiba Inu.

Shibburn currently shows a “frozen rise” in the SHIB burn rate from two days ago – 1,088%, while the list of transactions has remained empty in the last two days.

Data from a recent tweet published by Shibburn, though, says that the daily SHIB burn rate equals zero at the moment, while the weekly rate is down by 85.23%, with 7,090,416 meme coins sent to unspendable blockchain wallets over the last seven days.

HOURLY SHIB UPDATE$SHIB Price: $0.0000138 (1hr 0.24% ▲ | 24hr 3.38% ▲ )
Market Cap: $8,108,877,928 (2.64% ▲)
Total Supply: 589,272,035,977,497

TOKENS BURNT
Past 24Hrs: 0 (0% ▲)
Past 7 Days: 7,090,416 (-85.23% ▼)

— Shibburn (@shibburn) August 22, 2024

Overall, tweets have been showing a zero daily SHIB burn rate since Aug. 20. The official SHIB sources have not yet commented on this freeze in SHIB burns. However, earlier this year, a similar situation took place at least once or twice. One of the explanations back then, not only for the lack of burns but also for the transaction activity on Shibarium, was the fact that the developer team was busy working on multiple updates and integrating them.

Shibarium celebrates first anniversary

Last August, the Shiba Inu team publicly launched the layer-2 solution for SHIB called Shibarium. It was done during the ETHToronto annual conference in Canada. By now, more than 418 million transactions have been processed on it, with more than 1.8 million wallets linked to this platform.

Shibarium supports multiple operations – from smart contract execution to NFTs. Besides, three hard forks were launched on it successfully – Delhi, Indore and Shanghai.

Celebrating #ShibariumTurnsOne! 🎂1️⃣🥳

In August 2023, we launched Shibarium, turning Riyoshi’s vision into reality. Over 417M transactions later, Shibarium has become a cornerstone of our ecosystem.

What we achieved 🧵👇 pic.twitter.com/uQ0NhgLN60

— Shibarium Network (@ShibariumNet) August 21, 2024

Shibarium has welcomed hundreds of dApp builders and made strategic partnerships, such as the one with K9 Finance. A third-party bridge Hoichi has gone live recently, according to the tweet. The SHIB team also released a new ShibaSwap version on Shibarium. This iteration runs not only on Shibarium but also on Ethereum, serving as a bridge for assets between these two blockchains.

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