According to recent data provided by explorer Shibburn, over the period of the last 24 hours, the SHIB army shed millions of SHIB coins, giving a significant upward push to the SHIB burn rate.
Meanwhile, Shibarium is approaching a historic milestone in one of its main utility metrics.
SHIB burn rate increases by almost 1,000%
Shibburn reported that the burn rate of the second largest meme coin in terms of market cap, Shiba Inu, has shown a massive increase of over 968% with a total of 15,919,048 SHIB coins transferred to “hell” wallets.
Almost all of that amount of SHIB was burned in a single transfer made 20 hours ago: it took 14,807,888 Shiba Inu out of the circulating supply.
These burns are largely carried out with the help of the Shibarium layer 2 blockchain now, as many projects are building on it and releasing NFTs, burning part of their profits in the form of SHIB to help reduce the circulating supply of the meme coin.
Shibarium about to reach a big milestone
Explorer Shibariumscan has shared that Shibarium is about to reach an all-time milestone of 4 million transactions. Currently, the total transaction count stands at 3,934,662.
The number of daily transactions today has increased to 13,210, from the level of 10,000 that was reached in October and lasted until recently.
The total number of blockchain wallet addresses connected to Shibarium amounts to 1,265,685.
