2024-10-24 21:15 |
Despite a noticeable decline in Shibu Inu (SHIB) price this week, the ShibArmy, as the token’s fervent community is known, has remained committed to the long-term strategy of burning SHIB. Data from Shibburn reveals a dramatic 6,750% surge in the burn rate over the last 24 hours, with 27,108,433 SHIB permanently sent to a dead wallet. This impressive jump is the highest single-day burn recorded this week.
However, a closer look at the weekly burn figures reveals a more nuanced picture. While the daily burn rate skyrocketed, the overall weekly burns paint a story of declining momentum. This week’s total burns reached 58,389,212 SHIB, a significant drop compared to the previous week’s 320,186,507 SHIB, representing an 81.73% decrease.
This volatile pattern suggests that while dedicated members of the ShibArmy are actively participating in burn initiatives, these efforts haven’t reached a sustained, widespread level. This week’s burn rate started strong, with a significant increase of 880.1%, but ultimately lost steam as the week progressed.
Interestingly, these fluctuations coincide with a surge in transaction activity on Shibarium, Shiba Inu’s Layer 2 scaling solution. Shibariumscan data shows a massive 1,228% increase in daily transactions, leaping from roughly 128,000 on October 21st to a staggering 1.7 million on October 22nd.
This spike in Shibarium activity could signal a positive development for future burn rates. Since Shibarium transactions contribute to SHIB burns through a dedicated contract, a rise in platform usage could potentially translate into more consistent and substantial SHIB burns in the future.
Price and volume for SHIB have both been on an up-trend since late September. Source: Brave New Coin Market Cap Data.
The current volatility in SHIB’s burn rate makes it difficult to predict its immediate impact on the token’s price. The SHIB community’s efforts to reduce the circulating supply are commendable, but for a tangible effect on price, a more sustained and widespread burning strategy is likely needed.
It remains to be seen if the promising growth of Shibarium will contribute to a more consistent burn rate in the future. For now, investors are left to navigate the unpredictable waves of SHIB burn activity, hoping for a rising tide that will lift the meme coin’s price.
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