The Shiba Inu community burn has gained momentum once again following a period of underwhelming performance lasting for one week. The SHIB burn program, aimed at substantially decreasing the quantity of SHIB tokens in circulation, witnessed a notable surge in token burn, with over 17 million tokens being burnt in a single day, surpassing the previous day's data.
The burn rate of Shiba Inu has had a significant increase of 90.56%.
Based on the information provided by the Shibburn website, the quantity of SHIB tokens that underwent the burning process throughout the preceding 24-hour period amounted to about 17.32 million. There was a significant rise of 89.69% seen in the burn number from Monday to Tuesday, with the latter recording a value of almost 1.5 million.
The observed increase in the burn rate suggests that the community is displaying renewed engagement in the effort to decrease the overall supply of the meme coin. Among the 12 transactions executed for burn operations throughout the preceding day, the transaction originating from the address 0x92b53 stands out as particularly noteworthy. This transaction included the burning of an impressive quantity of approximately 14.8 million tokens. An further address, namely 0x811bee, executed the burning of more than 1.3 million tokens through two separate transactions.
The significant contribution to the weekly burn volume has been made by the burning of 17.32 million tokens throughout the past 24 hours. Nevertheless, the current data has not been sufficient to surpass the statistics from the previous week. According to Shibburn's data, a total of 245.64 million tokens were burnt throughout a 7-day period. This figure represents a decrease of 20.44% compared to the previous week.
The potential expansion of Shibarium may result in a significant increase in the value of the SHIB token.
The recovery of several metrics has not been limited to the burn rate of the Shiba Inu. An analysis of ShibariumScan reveals a notable surge in activity inside the Shiba Inu Layer 2 blockchain, known as Shibarium.
The data obtained from the explorer reveals a notable increase in the quantity of newly generated blocks, with a rise seen from a low of 10,627 on November 9 to 17,216 on November 14.
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This is in accordance with a marginal rise in the quantity of recent transactions, which reached a total of 13,213 on November 14th. Similarly, there was an increase in the number of active accounts each period, which grew from 545 to 829. Regrettably, the current count of newly implemented contracts on the network stands at 29, indicating a dearth of developer engagement in constructing applications on the network.
The pricing of SHIB might potentially have positive effects as a result of improvements in both the burn rate and the network's recovery. The price of the token has already reached levels of exhaustion as investors realized gains exceeding $0.000009. However, the increase in diverse factors might perhaps offer further support for the continuation of the rally.
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According to data sourced from CoinMarketCap, the current trade price of SHIB is at $0.000008523, having had a decline of 1.63% throughout the past 24 hours. Nevertheless, the cryptocurrency continues to exhibit a weekly chart growth rate of 3.6%, and its market capitalization of $5 billion positions it as the 19th most substantial digital currency inside the industry.
