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 A Surge in New SHIB Wallet as a Quarter Billion Coins Burnt 

source-logo  thecoinrepublic.com 30 May 2023 22:30, UTC

High results have been delivered to the loyal Shiba Inu army as they burn their favorite meme coin. In the past 24 hours, almost a quarter Billion SHIB coins have been burnt.

According to the data provided by the Shibbum tracking platform, the efforts of burning coins have pushed the burn-up rate to almost 1,447%.

All thanks to the burn over the weekend, thousands of new Shiba Inu wallets have emerged on the Shiba network. Amid so many positive activities happening in the network, Shiba Inu was up by 2.28% over the week.

SHIB Coins Burned at a High Rate

In the last 24 hours, Shiba Inu community members have burned a total of 225,049,340 SHIB according to the data shared by Shiburn on its website. The coins have been removed from circulation in the market. The coins are worth equivalent to just $2000.

Things are better with SHIB coins being burnt weekly this time. With the above-mentioned source over the last week, almost 2,915,482,121 coins have been removed from supply circulation in the market. Although this number is 51.48% less than the number of coins that were burnt during the same period last year. At this time last year, almost 5 billion Shiba Inu coins were removed from the supply of the market.

Shiba Inu Wallet Count Spike

Crypto analyst and trader Ali Martinez pointed out the huge rise in the number of newly merging Shiba Inu addresses over the last week.

According to Ali’s Tweet data, almost 2,358 new SHIB wallets were created on May 26 which according to the data is the highest number of new addresses rising in a single day in the last 3 months.

Data provided by Puppyscan shows that the number of SHIB addresses linked to the beta version of Shibanium Layer 2 which is also known as Puppynet now has surged above $16 Million. The current number of accounts in layer 2 Shibanium is at 16,067,857 wallets approx.

The total number of blocks has hit 1,043,253 surpassing the 1 Million threshold and the overall number of transactions has hit 13,730,253. Although, amidst all the improvement the time taken by the network to produce one block has hit 7.8 seconds from its previous 5.0 seconds.