- What’s happening?
- 812,840,391 SHIB tokens burned
Shiba Inu Layer 2 Shibarium suddenly saw a drop on its network, amounting to about 54%.
According to Shibariumscan, Shibarium saw a drop in transactions from 7,620 to 3,490 in the previous day, marking a 54% drop. Following a significant drop in October, Shibarium has seen low daily transactions.
The Shiba Inu Layer 2 saw its highest daily transactions in the last 14 days, with 7,620 reached Nov. 13.
Aside from this, Shibarium’s daily transactions have fluctuated between 1,500 and 4,440 since Oct. 30, reflecting low interest.
What’s happening?
The declining interest comes as the crypto market remains under strain after $19 billion in liquidations in the Oct. 10 flash crash, which in turn erased over $1 trillion from the total market value of all cryptocurrencies.
In the most recent sell-off, $1.28 billion was erased in liquidations as a sharp liquidity crunch sent Bitcoin and altcoins plunging on Friday.
Shiba Inu likewise fell to a low of $0.00000885, extending its sell-off into the fourth day from a high of $0.00001026.
At the time of writing, SHIB was up 0.63% in the last 24 hours to $0.000009153 as traders bought the dip.
Shibarium has recently surpassed 14 million blocks, with total blocks now at 14,115,519. Other Shibarium metrics have also shown a slight increase: total transactions are currently at 1,568,716,210; total addresses are at 272,758,074.
812,840,391 SHIB tokens burned
Shiba Inu has seen 812,840,391 SHIB tokens removed from its circulating supply in the last seven days, with the burn rate soaring 2,405% as a result.
According to Shibburn, 812,840,391 SHIB tokens were burned, resulting in a 2,405.09% rise in weekly burn rate.
In the last 24 hours, 4,251,221 SHIB tokens were burned, contributing to a 327.98% increase in burn rate.
With the recent burns, Shiba Inu’s total supply now stands at 589,246,372,127,297 SHIB, with over 410 trillion tokens removed from the Shiba Inu circulating supply.