Tthe Ethereum Layer 2 network Shibarium makes a new record, surpassing 100,000 wallet addresses and successfully performing over 420,000 transactions. This information is based on data obtained from Shibariumscan.
Shiba Inu (SHIB) has observed an outstanding development that has excited its investors, with a notable 1382% surge in SHIB burn over the past 24 hours, exceeding 106 million tokens.
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Declining SHIB Price
Despite this significant increase in token burning, the market has not seen a corresponding upward movement in SHIB’s price, which is currently trading at $0.000008827, reflecting a 2.95% decrease.
The surge in SHIB burn, compared with the declining price, suggests a potential reverse correlation. Usually, a decrease in token supply would be expected to drive up prices.
However, current market dynamics have resulted in a correction following the initial rise. Therefore, it is important not to conclude that a definitive reverse correlation has occurred quickly.
Number of SHIB tokens burned
According to data from Shibburn, a platform tracking SHIB burn status, 106,241,658 SHIB tokens were burned, marking a staggering 1,382% increase. This burn has led to a decrease in the overall token supply, with 410,662,663,732,559 tokens currently in circulation.
Two Large Transactions Involved in the Burn
The crypto market has taken notice of two substantial transactions that contributed to the SHIB burn. An unidentified address burned 100 million SHIB approximately 13 hours ago, while another unknown address burned 1.5 million SHIB roughly 17 hours ago.
These large-scale token burns hold significance, indicating the community’s commitment to the SHIB project and suggesting a potential increase in token value due to shortage.
ShibariumScan data reveals a rising total number of transactions on the platform, nearing the 4 million mark at 3,950,000 transactions.
Despite the recent 24-hour price decline, SHIB has shown a 6.52% increase weekly and a 24.41% increase monthly.
This lines up with the upward trend in token burn, suggesting a correlation between the two phenomena.
To wrap it up, shibarium achieving a new record of exceeding 100,000 Wallets and 420,000 Transactions has peaked the excitement of the investors and it is expected to have a positive impact on the price of SHIB even though it is declining at the moment.
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