SHIB supply continues to dwindle in small portions, unable to impact pricing so far
The Shiba Inu Army continues daily SHIB burns, which have become quite substantial since the launch of the Shibarium testnet in early March. Now, frequently, the weekly amount of SHIB coins withdrawn from circulation amounts to several billion SHIB.
This time, in a week, several billion of these popular meme coins were locked away in unusable wallets. Meanwhile, over the past few days, the Shiba Inu meme coin has attempted to rally, but so far growth has only been 1.40% since Wednesday, May 24.
Nearly 3 billion SHIBs are burned
The Shibburn tracking service reported that over the past week, a total of 2,726,655,616 SHIBs were sent to dead-end wallets. A recent tweet says that’s about half of what the SHIB army managed to burn from traffic a week before this – at the time they burned over 5 billion SHIBs, or almost 53% more than this week.
In the past 24 hours, so far, only 18,922,877 SHIBs have been destroyed in five transactions. The two largest carried 11,823,597 SHIB (four hours ago) and 4,591,793 SHIB (13 hours ago).
This amount of destroyed Shiba Inu dropped the burn rate by 22.87% from what was burned yesterday, May 26th.
SHIB TIMETABLE UPDATE$SHIB Price: $0.0000086 (1h -0.30% ▼ | 24h 1.30% ▲ )
Market cap: $5,065,839,757 (1.39% ▲)
Total supply: 589,355,236,676,149
Time spent: 1,005,718 (1 transaction)
Last 24 hours: 18,922,877 (-22.87% ▼)
Last 7 days: 2,726,655,616 (-52.94% ▼)
— Shibburn (@shibburn) May 27, 2023
Shibarium hits another big milestone
As reported by U.Today earlier, this week the Shibarium Layer 2 Network beta test has reached another important milestone. According Puppyscanthe number of wallets connected by users to Puppynet exceeded the 16 million level, now standing at 16,030,842.
The total number of transactions is approaching 13 million and now constitutes 12,837,402.
The creators of Shibarium promised the SHIB army, which consists of not only individual holders, but multiple companies and developers, to implement incredibly low fees and fast transactions on the Layer-2 network. So now more and more wallets are joining Shibarium beta.