The surge in the SHIB burn rate correlates with a remarkable uptick in the transactions taking place on the Shibarium blockchain. In the last 24 hours, there’s been a 45% uptick in transactions on the Shibarium blockchain.
While Shiba Inu (SHIB) and the broader crypto ecosystem have been experiencing considerable selling pressure, the on-chain developments indicate growing strength for the altcoin. In the last 24 hours, the SHIB/USD burn rate has shot up significantly with a major uptick in the transactions on its Layer 2 blockchain platform Shibarium.
As per the data from Shibburn, a total of 7.7 million SHIB tokens have been removed from circulation, registering a staggering 13,458.99% increase. Coin burning occurs when cryptocurrency tokens are intentionally transferred to an inaccessible wallet address, effectively taking them out of circulation.
This strategy aims to enhance scarcity, thereby potentially increasing demand and the token’s market value. Presently, approximately 410.72 trillion SHIBs have been burned.
The surge in the SHIB burn rate correlates with a remarkable uptick in the transactions taking place on the Shibarium blockchain. In the last 24 hours, there’s been a 45% uptick in transactions on the Shibarium blockchain. Typically, increased transaction activity leads to a higher burn rate for the token.
Additionally, the data from IntoTheBlock shows a 28% surge in the daily active addresses during the same timeframe, further hinting at an uptick in the on-chain activity. Despite all these positive indicators, there’s been significant selling pressure in the market. Large transaction volumes have plunged by 52%, and holdings of long-term investors have decreased marginally by 0.02%.
Shiba Inu Community Demands ETF
The Shiba Inu community has been throwing all its weight behind the ETF petition drive with just 300 signatures left to hit the milestone of 10,000 signatures.
The petition is currently at 9,717 signatures, a mere 283 short of the coveted 10,000 milestone. Initially aiming for 1,000 signatures by February 26, the petition has far exceeded expectations, with the community’s solidarity surpassing initial goals. Notably, in the past week alone, 140 new supporters have joined the cause.
This recent surge in signatures follows robust advocacy efforts from SHIB BPP and other community members pushing the petition directed at Grayscale Investments CEO Michael Sonnenshein. Since its inception, SHIB BPP and its supporters have worked tirelessly to encourage others to join for signing the petition.
As of press time, Shiba Inu (SHIB) is trading 2.33% down at $0.00002235 with a market cap of $13.17 billion. Also, the daily trading volumes have surged by 33% to $619.2 million.
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