According to recent data from the Shibburn crypto wallet tracker, the Shiba Inu community has seen a significant reduction in meme coin disposals over the past week. However, a noteworthy negative trend has emerged in this metric during this period.
Meanwhile, the SHIB price has experienced a modest recovery following Thursday’s price drop and then it has dipped again on Friday.
Over 100 million Shiba Inu burned, but with a caveat The tracking platform mentioned earlier revealed that in the past week, the Shiba Inu community successfully burned a total of 136,004,861 SHIB. However, the weekly burn rate has seen a substantial decline, plummeting by 98.56% compared to the previous week when nearly 10 billion SHIB were sent to unspendable wallets and permanently locked away.
The Shiba Inu development team burned 9.5 billion SHIB by transferring another portion of SHIB, converted from Shibarium gas fees to BONE, into a non-retrievable wallet. This marked the fourth significant burn executed by the Shiba Inu team, following their plan outlined by lead developer Shytoshi Kusama. In November and December, they burned a cumulative total of slightly over 36 billion SHIB.
Shibarium activity remains subdued; here’s what’s happening The Shibariumscan explorer indicates an abnormal decline in activity. Since the final days of December and 2023, the daily transfer count on the layer-2 blockchain has steadily decreased from 7.52 million on Dec. 29 to a low of 1.16 million on Jan. 13.
While this metric has slightly increased recently, maintaining a level above two million transactions for the past five days, the total transfer count on the network stands at 294,766,260, with 1,342,313 connected wallets. In December, Shibarium witnessed tens of millions of daily transactions, but the current on-chain activity is subdued.
Lucie, the official marketing lead of the Shiba Inu team, tweeted yesterday that developers are actively implementing various upgrades and introducing new developments to Shibarium. She cautioned that users may encounter some issues, emphasizing that “larger changes require additional time and thorough testing.”
