SHIB Burns in Deep Red — What's Happening?

Data shared by the public Shibburn blockchain tracking platform, which traces $SHIB burn transactions on Etherscan, and then accumulates that data on its website, has reported that the level of daily $SHIB burns has shown a major plummet.

This decline has taken place amid the overall stock market crash, which has wiped more than $5 trillion off the market within the last couple of days. Bitcoin, however, demonstrates resilience, holding well above the $80,000 price level, while Nasdaq and other leading indexes around it are bleeding.

$SHIB burns go deep down

The above-mentioned data source revealed that over the past 24 hours, the level of $SHIB burns has plunged by 42.07%, sinking in red, while a total of 21,613,189 $SHIB meme coins has been transferred to unspendable wallets and locked out of circulation.

The two largest burn transactions on this short list of transfers carried 9,999,999 and 9,684,002 $SHIB. There was also one that moved 1,000,001 $SHIB, while the remaining two transferred less than a million meme coins each.

However, on Friday, the same metric showed an impressive contrasting rise of 1,906.97% with 48,251,324 $SHIB transferred to dead-end wallets.

As for the weekly burns, over the past seven days, the community has managed to dispose of 187,900,543 $SHIB. Still, that indicated a 90.99% decline compared to the previous week, when a staggering 2 billion Shiba Inu were burned out of the circulating supply.

Shibarium arrives at crucial milestone

Today, the $SHIB team bragged about the Layer-2 solution Shibarium reaching an important milestone — the total number of blocks generated on the network surpassed the 10 million level and currently stands at 10,306,430.

A post published on the X account Shibarium Updates (@Shibizens) affiliated with the $SHIB team shared more details of this new record, emphasizing the importance of it.

The post deciphered that each block in this chain contains a batch of verified transactions and it is created roughly every five seconds. It shows Shibarium’s constant consistency: “The chain is alive and actively processing.” The post adds that each block adds a new level of security: “Each block adds another layer of protection.” Besides, the increase in blocks proves the growth of Shibarium itself behind it: “Millions of on-chain actions, contracts, and transfers have been secured.”