Recent data from the Shibburn cryptocurrency wallet tracker indicates that during the past week, the Shiba Inu community has disposed of a sizable quantity of meme coins. Nevertheless, this time around, this statistic is displaying a significant negative impact.
After the sharp decline on Thursday, the SHIB price has managed to mount a minor comeback in the meantime.
100+ million Shiba Inu burned, but there’s a catch
According to the tracking tool stated before, the Shiba Inu community has managed to burn 136,004,861 SHIB in the previous week. Even still, there has been a notable decline in the weekly burn rate—a 98.56% decrease from the prior week. Nearly 10 billion SHIB were transferred to unspendable wallets at that time and kept there permanently.
The Shiba Inu development team burnt those 9.5 billion SHIB when they moved another portion of SHIB that had been converted from Shibarium petrol costs in BONE to a dead-end wallet.
https://x.com/shibburn/status/1748299308250575118?s=20
Based on the strategy developed by their main developer, Shytoshi Kusama, the Shiba Inu team, it was their fourth major burn. Before that, they burnt a little over 36 billion SHIB in total in November and December.
Shibarium activity remains low, here’s what’s happening
The activity of the Shibariumscan explorer has been abnormally low. The layer-2 blockchain’s daily count of transfers has decreased between the last days of December and 2023. It fell from 7.52 million on December 29 to the “bottom” of 1.16 million on January 13.
This measure has now slightly grown and has remained over the two million transaction threshold for the last five days.
The network has now recorded 294,766,260 transactions overall, and there are 1,342,313 wallets connected to it. Tens of millions of fresh transactions were made on Shibarium every day in December. On-chain activity is presently unavailable on it, though.
Yesterday, Lucie, the Shiba Inu team’s official marketing lead, stated that engineers are now working on adding new features to Shibarium and implementing other enhancements. Although she noted that “larger changes require additional time and thorough testing,” she cautioned that consumers could have some difficulties.
