Massive Weekly SHIB Burn Noticed, Still This Metric Goes Terribly Wrong

According to recent data published by the Shibburn crypto wallet tracker, the Shiba Inu community has disposed of a substantial number of meme coins within the last week. Still, there is a big negative factor showing up in this metric this time.

In the meantime, the SHIB price has managed to stage a small recovery after the price plunge on Thursday.

100+ million Shiba Inu burned, but there’s a catch

The aforementioned tracking platform reported that within the last week, the Shiba Inu community has succeeded in burning a total of 136,004,861 SHIB. Still, the weekly burn rate has demonstrated a significant plunge, dropping by 98.56% compared to the previous week. Back then, almost 10 billion SHIB were sent to unspendable wallets and locked there for good.

Those 9.5 billion SHIB were burned by the Shiba Inu development team as they transferred another chunk of SHIB converted from Shibarium gas fees in BONE to a dead-end wallet.

HOURLY SHIB UPDATE$SHIB Price: $0.00000925 (1hr -0.13% ▼ | 24hr -1.84% ▼ )
Market Cap: $5,444,364,822 (-2.11% ▼)
Total Supply: 589,292,177,526,852

TOKENS BURNT
Past 24Hrs: 10,045,109 (-66.79% ▼)
Past 7 Days: 136,004,861 (-98.56% ▼)

— Shibburn (@shibburn) January 19, 2024

That was the fourth massive burn made by the Shiba Inu team, according to the plan created by their lead developer known under the alias Shytoshi Kusama. Prior to that, in November and December, they cumulatively burned slightly more than 36 billion SHIB.

Shibarium activity remains low, here’s what’s happening

The Shibariumscan explorer has been showing an abnormal plunge in activity. Since the final days of December and 2023, the daily count of transfers on the layer-2 blockchain has been in decline, dropping from 7.52 million on Dec. 29 to the “bottom” of 1.16 million on Jan. 13.

By now, this metric has increased a little, and for the past five days it has been holding above the two million transaction level.

The total count of transfers on the network currently stands at 294,766,260 with the amount of connected wallets totaling 1,342,313. In December, Shibarium saw tens of millions of new transactions performed per day. However, currently, on-chain activity on it is down.

The official marketing lead of the Shiba Inu team, Lucie, tweeted yesterday that developers are now busy implementing various upgrades and are adding new developments to Shibarium. She warned that users may face some issues but, she added, “larger changes require additional time and thorough testing.”

We’re currently implementing various upgrades and developments.

Please bear with us as we work through this process.

We understand that there may be some issues, and larger changes require additional time and thorough testing.

Your patience is highly appreciated! $SHIB…

— 𝐋𝐔𝐂𝐈𝐄 | Shibarium ⛓️ (@LucieSHIB) January 18, 2024

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