July 25, 2024
Blockchain News

Shiba Inu: Unusual Burn Transaction and Everything that Paper Hands Should Know

The Shiba Inu [SHIB] burn strategy was designed to reduce token supply while increasing token value, but the meme coin has repeatedly failed to achieve these goals. Interestingly, Etherscan revealed a recent colossal transaction involving SHIB burn activity.

According to the transaction details, a single wallet burned 14 million SHIB. Of course, SHIB’s daily burn rate is in the millions. However, one wallet raking in such a large sum was unusual.

Shibburn reported that burn activity increased by 1395% in the last 24 hours following this transaction, which occurred four hours before press time. The total SHIB burn supply is now 410.38 trillion.

In terms of price, SHIB increased by 4.09% from the previous day. This increase aided the value to trade at $0.0000087. Furthermore, the 24-hour trading volume followed the price trend.

According to Santiment, the SHIB volume increased by 125% during the period. This implied a favorable reflection of traders’ attempts to board the SHIB ship, regardless of profit or loss.

Meanwhile, its network expansion was disappointing. This was due to it reaching its lowest point in over six months. Santiment data showed 533 network growth at the time of publication.

It meant that SHIB was not among the top projects benefiting from new address onboarding. As a result, traction directed at the Shiba Inu network suffered greatly.

Looking at the active address data, on-chain data revealed a significant increase up until January 8th. However, at the time of writing, the number of 24-hour active addresses had dropped to 5354.

This meant that the number of users who sent or received SHIB was lower than the number of users who interacted with the SHIB network the day before.

As a result of this decrease, one-day SHIB circulation fell to 341.2 billion. An examination of the circulation revealed that there were constant irregularities in the day-to-day flow.

While some days were spent hiking, others were spent relaxing. As a result, the decrease corresponded to the active addresses data of a limited number of SHIB used in the previous 24 hours.

Aside from the meme’s depressing state, holders could rejoice in the fact that SHIB was pursuing partnerships and increased utility. The token’s official Twitter page recently announced that another major collaboration could be in the works.