Of SHIB’s surging burn rate and BONE’s role in it all
- Shibarium has been seeing over 5 million daily new transactions over the past few days.
- Over 8 billion SHIB tokens have been burned in the last 24 hours.
The recent examination of Shiba Inu’s [SHIB] burn rate revealed a significant surge in the past few days. Although some may attribute this to changes in the price and volume, Shibarium’s role cannot be discounted.
Shiba Inu’s Shibarium propels SHIB burn
Shibarium has experienced a remarkable development in the past few days, marked by a surge in transactions on the Shiba Inu platform.
A network scan showed a daily influx of over 5 million new transactions since the 1st of December. It increased to over 7 million by the end of trading on the 4th of December.
The cumulative transactions within these four days surpassed 28 million, contributing to a network total of over 35 million transactions.
Source: Shibariumsacn
This surge in transactions has also led to an increase in transaction fees, denominated in thousands of BoneShibaSwap [BONE] tokens as part of the SRC-20 minting process.
As reported by Shiba Inu, this process sets the stage for the highly anticipated SHIB token burn. This move explained the recent spike in the burn rate of SHIB.
Furthermore, the rise in active accounts on the network is noteworthy. After falling to around 1,300 on the 1st of December, the number surged to over 4,000 at press time, as indicated by the chart.
Shiba Inu’s burn rate goes off the roof
According to data from Shibburn, there has been a substantial surge in Shiba Inu’s burn rate within the last 24 hours. Over 8.3 billion SHIB tokens have been burned during this period, representing an impressive 1548111.1% increase in the burn rate.
Furthermore, the overall burn rate for the past seven days has seen an elevation due to the surge observed in the last 24 hours.
At the time of writing, the seven-day burn rate has risen by around 2565%, resulting in a total of over 8.5 billion SHIB tokens being burned.
This surge in the burn rate over the past 24 hours suggested that it could be one of the highest 24-hour SHIB burn rates in history.
How Shiba Inu has trended in the last 24 hours
AMBCrypto’s examination of the daily timeframe chart for SHIB showed its alignment with the broader market trend. The chart illustrated a cessation of its recent upward trajectory in the ongoing trading session.
As of this writing, it had declined by around 1.8% in value, following a series of gains.
Source: TradingView
The volume indicator on the chart highlighted significant trading activity on the 3rd and the 4th of December. However, the volume has since declined, as indicated by the volume indicator at the time of this writing.
CoinMarketCap’s data further showed a notable decline of over 40% in trading volume over the last 24 hours.
Despite this, the Relative Strength Index (RSI) signaled that SHIB had maintained a bullish trend at press time. Notably, the RSI trend has consistently stayed below 65, a positive indicator suggesting potential for further upward movement.
Analyzing BONE’s trend
BONE has played a pivotal role in initiating the anticipated SHIB burn. An analysis of the daily timeframe chart revealed that BONE experienced an upward price trend in the past few days.
However, its decline has been more pronounced compared to Shiba Inu. At the time of this writing, the chart indicated a loss of over 5% in value, with BONE trading at approximately $0.72.
How much are 1,10,100 SHIBs worth today?
Despite this decline, the token managed to sustain itself within the $0.7 price range.
Source: TradingView
Similar to SHIB, BONE was in a bull run at press time, according to its Relative Strength Index (RSI). The RSI consistently remained below 65 as well, hinting at the potential for another uptrend.
