Shiba Inu experiences a surge in burn rate with over 130 million coins sent to dead wallets, amid fluctuating prices and significant new connections on its Layer-2 blockchain, Shibarium, impacting the coin’s overall valuation and availability.
- Shiba Inu’s burn rate soars, sending over 130 million coins to dead-end wallets, impacting the coin’s valuation.
- “Despite short-lived growth, SHIB’s price sees a net decline, with losses offsetting gains.
- The Layer-2 blockchain, Shibarium, witnesses an influx, connecting over 30,000 new wallets in 24 hours.
- Shibarium transactions contribute to coin burns, as a fraction of gas fees in BONE are converted to SHIB and rendered unspendable.
According to the Shibburn wallet tracker’s data, the burn rate of Shiba Inu (SHIB) has experienced a significant surge in the last 24 hours. Over 130 million meme coins have been sent to dead-end wallets, with the majority burned in a single transfer.
The price of Shiba Inu has made an effort to rise since Wednesday, managing to increase by over 3%. However, this growth was short-lived as the price declined by 2.31%, erasing the overnight gains.
— ShibariumGem (@Shibariumgem) September 15, 2023
130 Million SHIB Sent to Dead Wallets
Shibburn’s website reports that the collective efforts of the SHIB community have resulted in the disposal of a total of 130,529,064 SHIB. Although this figure seems impressive, its actual value is only $961.
An astonishing fact is that nearly all of these Shiba Inu coins were burned in a single transaction. Approximately 22 hours ago, 100,776,829 SHIB were sent to an unspendable blockchain address.
The anonymous whale responsible for this burn still holds 5,190,837,391 Shiba Inu meme coins in their wallet. Another significant transaction involved the burning of 12,894,064 SHIB, and yesterday, 100,000,000 SHIB were also burned.
Shibarium Experiences Influx of New Wallets
The Shibariumscan explorer reveals that the Layer-2 blockchain created by the SHIB team has seen over 30,000 connected wallet addresses in the past 24 hours. Shibarium was launched on August 15 during the Blockchain Futurist Conference in Toronto.
The number of wallets connected to Shibarium has been steadily increasing and currently stands at 1,250,052. The total transaction count on Shibarium has reached 2,995,779 and is expected to reach 3,000,000 by the end of the week.
As for daily transfers on Shibarium, there have been around 43,885 transactions at the time of writing. This metric has remained relatively stable over the past week, after reaching a peak of 200,900 transactions on September 13.
Every transaction made on Shibarium contributes to Shiba Inu burns because the developers have allocated a portion of the gas fees paid in BONE. Once a certain amount of BONE accumulates, it is converted into SHIB and sent to unspendable wallets.
According to a new tracking service launched by the Shibburn team, a total of 0.512012141389 BONE has been accumulated in Shibarium transactions.