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Shiba Inu is recently entering consolidation; whale activity drops by 60%, and Shibarium underperforms. On the other hand, the SHIB burn rate has increased by over 500%, resulting in more than 10 million assets being sent to a void address. Dogecoin and other leading cryptocurrencies have recently witnessed significant price increases.
What’s Happening with SHIB?
Shiba Inu is in the green zone despite recording less significant gains. The token’s value increased by 0.5% daily and is currently trading at approximately $0.00001787, according to CoinGecko data. Interestingly, this small success coincides with some significant data related to SHIB, which has dropped in the last 24 hours. The total daily volume, where each transaction exceeds $100,000, is approximately $10 million, representing a 60% drop compared to the figure observed on July 21.
Layer-2 network Shibarium has also taken a step back, considering some indicators. Data shows that active accounts on the protocol have dropped from 667 on July 21 to 107 as of now. The total daily transaction count has decreased by nearly 85%. Shibarium officially went live last August and aims to support the development of the Shiba Inu ecosystem. Its main goals are to reduce transaction costs, increase scalability, and boost speed.
The Layer-2 scaling solution has undergone two major upgrades in the past few months, such as launching a new user interface (UI) update. Its primary goal was to allow compatibility with popular personal custody wallets like Coinbase Wallet, MetaMask, and Trust Wallet. Don’t forget to check our Shibarium news for more updates on the topic.
Details on the Subject
It is worth noting that not all data related to Shiba Inu is heading south on a 24-hour scale. The SHIB burn rate has increased by over 500%, and more than 10 million tokens have been destroyed. The value of the said asset may be insignificant in USD terms, but continuous efforts in this area can positively impact valuation.
The burn mechanism aims to reduce the high supply of the memecoin project, assuming demand remains the same or increases, which could lead to a price increase due to subsequent scarcity. So far, more than 41% of SHIB’s total supply has been sent to a void address, and there are currently over 583 trillion tokens in circulation.
