The Shiba Inu ecosystem continues to exhibit dynamic shifts, particularly concerning its token burning initiatives and the evolving performance of its Layer-2 scaling solution, Shibarium. Recent on-chain data highlights significant activity, painting a picture of both impressive growth milestones and fluctuating daily metrics.
Shiba Inu's Burning Dynamics
The Shiba Inu community has demonstrated a substantial effort in reducing the token's circulating supply, with over 22.6 million SHIB coins moved to dead-end wallets in the past week. This collective action led to an impressive 93.01% surge in weekly SHIB burns, including individual transfers of nearly 10 million and 2.6 million SHIB. Despite this notable weekly increase, the daily burn rate has shown considerable volatility, plunging by over 84% on one day after experiencing a four-digit percentage growth just the day before.
Shibarium's Evolving Landscape
Concurrently, Shibarium, the dedicated Layer-2 network for Shiba Inu, has reached a significant milestone, surpassing 1.5 billion total transactions since its inception. While this cumulative figure underscores its robust processing capabilities and ongoing expansion, the network has recently experienced a drastic reduction in daily activity. Daily transactions plummeted from over 4 million to merely 20,190. Nevertheless, Shibarium maintains a strong foundation, boasting over 272 million connected wallets and having generated close to 13 million blocks, indicating a broad and engaged user base despite the recent daily transaction dip.
