The Shiba Inu community burn has picked up steam once more after a week of subpar performance. The SHIB burn initiative which is looking to drastically reduce the amount of SHIB tokens in circulation burned over 17 million tokens in one day, a significant jump from the prior day’s figures.
Shiba Inu Burn Rate Up 90.56%
According to the Shibburn website, the total amount of SHIB that has been burned in the last 24 hours came out to approximately 17.32 million. This represents an 89.69% increase from Monday to Tuesday’s burn figure of just around 1.5 million.
This recovery in the burn rate could mean that the community is rousing once more to rise to the task of reducing the meme coin’s total supply. Of the 12 transactions that carried out burn activities in the last day, the most notable has been the 0x92b53 address which burned over 14.8 million tokens in a single transaction. Another address 0x811bee burned over 1.3 million tokens as well across two transactions.
The 17.32 million tokens burned in the last 24 hours have contributed greatly to the weekly burn volume. However, it has not been enough to push it over the prior week’s figures. Shibburn’s numbers come out at 245.64 million tokens burned in the 7-day timeframe, which is still 20.44% lower than the previous week.
HOURLY SHIB UPDATE$SHIB Price: $0.00000848 (1hr 0.13% ▲ | 24hr -2.12% ▼ )
Market Cap: $5,010,647,040 (-1.78% ▼)
Total Supply: 589,337,489,889,700
Past 24Hrs: 17,123,934 (86.03% ▲)
Past 7 Days: 245,635,207 (-20.44% ▼)
— Shibburn (@shibburn) November 15, 2023
Shibarium Growth Could Send SHIB Flying
The Shiba Inu burn rate has not been the only metric that has been seeing a recovery lately. A look at ShibariumScan shows that there has been an increase in activity in the Shiba Inu Layer 2 blockchain, Shibarium.
Data from the explorer shows a significant jump in the number of new blocks being produced, rising from its November 9 lows of 10,627 to 17,216 new blocks produced on November 14.
This follows a slight increase in the number of new transactions which rose to 13,213 on November 14. Likewise, the number of active accounts per period also rose from 545 to 829. Unfortunately, the number of new contracts deployed on the network sits at 29, which shows a lack of interest from developers to build on the network.
SHIB’s price could benefit from the recovery in both the burn rate and the network. The token’s price was already reaching fatigue levels as investors booked profits above $0.000009. But this surge in various could provide more backing to continue the rally.
SHIB is currently trading at $0.000008523 after dropping 1.63% in the last day, according to data from CoinMarketCap. However, it is still seeing gains of 3.6% on the weekly chart, and its $5 billion market cap makes it the 19th-largest cryptocurrency in the space.
SHIB price holds $0.0000085 support | Source: SHIBUSD on Tradingview.com
Featured image from Crypto Ticker, chart from Tradingview.com