The Shiba Inu ecosystem is buzzing with activity as the weekly burn rate surged to an unprecedented 961.53%, eliminating over half a billion SHIB tokens from circulation, While a whale accumulated over $5.7 million in SHIB.
Data from Shibburn reveals that a total of 527,485,988 SHIB tokens were incinerated in the past week, a stark contrast to the prior week’s burn of a mere 49,691,122 tokens.
Shiba Inu Network Activity Increases
This dramatic increase in token burning has also triggered a 644.86% spike in the daily burn rate. “Shiba Inu burns are on the rise as optimism grows in the Shiba Inu ecosystem,” Shibburn reports. “Shibarium has reached a new high of 7.4 million daily transactions.”
Shibarium, Shiba Inu’s Layer-2 network, has witnessed a 500-fold increase in daily transactions, reaching a milestone of 20 million total transactions. This signifies a significant adoption of the network despite the relatively flat price of Shiba Inu tokens.
The Shibarium network has been a hotbed of activity, with daily transactions skyrocketing by 44,397.9% since the end of November. The network, which had less than 20,000 daily transactions on November 29, saw this number surge to 748,000 by November 30. This trend persisted into December, with the network recording more than 12 million transactions in the first two days of the month alone.
“Shibarium is open for all to build upon,” says Shiba Inu market specialist Lucie. “Just like on ETH or Polygon, any project can kick off here. But, a word of caution: DYOR (Do Your Own Research). Stay vigilant and avoid falling into traps.”
SHIB Price Hits 3-Week High
Despite the impressive network metrics, Shiba Inu’s price remains relatively flat following a correction on Monday. However, the SHIB did hit a three-week high earlier in the day, tapping $0.00000965. Currently, the price is still up over 6%.
The bullish price action could be attributed to the significant whale accumulations seen in recent weeks. For instance, a fresh whale wallet withdrew 600 billion SHIB tokens, totaling $5.7 million, from crypto exchange Binance on December 4, sparking speculation about a price pump.
However, the Shiba Inu community remains committed to burning SHIB tokens to reduce its circulating supply. In November alone, 1.3 billion SHIB tokens were burned.
Although the SHIB burn fell by 90% in the past 24 hours, the community’s dedication to token incineration is unwavering. Crypto analyst CryptoKaleo commented on the recent price action, stating:
“I wouldn’t fade $SHIB here bros”
The trader’s price targets, according to his SHIB price chart, show key areas of interest at $0.000016 and $0.00002200.
In conclusion, the Shiba Inu ecosystem shows signs of robust growth and adoption, as evidenced by the surge in Shibarium’s network metrics and the dramatic increase in SHIB token burns. However, for a bullish price signal, more network adoption is required.
The coming weeks will reveal whether these developments will translate into a positive price movement for Shiba Inu.