Data shared by the public Shibburn blockchain tracking platform, which traces SHIB burn transactions on Etherscan, and then accumulates that data on its website, has reported that the level of daily SHIB burns has shown a major plummet.
This decline has taken place amid the overall stock market crash, which has wiped more than $5 trillion off the market within the last couple of days. Bitcoin, however, demonstrates resilience, holding well above the $80,000 price level, while Nasdaq and other leading indexes around it are bleeding.
SHIB burns go deep down
The above-mentioned data source revealed that over the past 24 hours, the level of SHIB burns has plunged by 42.07%, sinking in red, while a total of 21,613,189 SHIB meme coins has been transferred to unspendable wallets and locked out of circulation.
The two largest burn transactions on this short list of transfers carried 9,999,999 and 9,684,002 SHIB. There was also one that moved 1,000,001 SHIB, while the remaining two transferred less than a million meme coins each.
However, on Friday, the same metric showed an impressive contrasting rise of 1,906.97% with 48,251,324 SHIB transferred to dead-end wallets.
As for the weekly burns, over the past seven days, the community has managed to dispose of 187,900,543 SHIB. Still, that indicated a 90.99% decline compared to the previous week, when a staggering 2 billion Shiba Inu were burned out of the circulating supply.
Related
Shibarium arrives at crucial milestone
Today, the SHIB team bragged about the Layer-2 solution Shibarium reaching an important milestone — the total number of blocks generated on the network surpassed the 10 million level and currently stands at 10,306,430.
A post published on the X account Shibarium Updates (@Shibizens) affiliated with the SHIB team shared more details of this new record, emphasizing the importance of it.
The post deciphered that each block in this chain contains a batch of verified transactions and it is created roughly every five seconds. It shows Shibarium’s constant consistency: “The chain is alive and actively processing.” The post adds that each block adds a new level of security: “Each block adds another layer of protection.” Besides, the increase in blocks proves the growth of Shibarium itself behind it: “Millions of on-chain actions, contracts, and transfers have been secured.”
