In recent days, one of the critical metrics for Shiba Inu (SHIB), the burn rate, has shown no movement. Data indicates that there have been no SHIB tokens transferred to “inferno” wallets, leaving the burn rate at a standstill. This stagnation has raised concerns within the community, especially since there has been no official comment from the SHIB team regarding this sudden freeze.
SHIB Burn Activity Comes to a Halt
Etherscan, a blockchain explorer, reveals that the last SHIB burn transaction took place five days ago, involving 1,703,894 SHIB tokens. Meanwhile, the Shibburn platform, another popular source for tracking SHIB burns, shows that the most recent burn happened two days ago, with less than 100,000 SHIB tokens burned. Despite this minimal activity, Shibburn recorded a “frozen rise” in the SHIB burn rate two days ago, marking a spike of 1,088%. However, the transaction list has remained empty since then.
Related article: Shiba Inu Holders Targeted by Wallet Scams
A recent tweet from Shibburn confirmed a daily SHIB burn rate of zero, with the weekly burn rate down by 85.23%. Over the last seven days, only 7,090,416 SHIB tokens have been sent to unspendable wallets. Since August 20, the daily SHIB burn rate has consistently shown zero activity.
HOURLY SHIB UPDATE $SHIB Price: $0.0000138 (1hr 0.24%
▲ | 24hr 3.38% ▲ )
Market Cap: $8,108,877,928 (2.64% ▲)
Total Supply: 589,272,035,977,497
TOKENS BURNT
Past 24Hrs: 0 (0% ▲)
Past 7 Days: 7,090,416 (-85.23% ▼)
— Shibburn (@shibburn) August 22, 2024
No Official Response from SHIB Team
The official SHIB team has yet to comment on this freeze in burn activity. Earlier this year, similar pauses occurred, with explanations pointing to the developer team’s focus on multiple updates and integration efforts. This past activity might hint at a potential reason for the current halt, but nothing has been confirmed.
Related article: Shiba Inu Sees Explosive Burn Rate Increase as Market Reacts
On a more positive note, Shibarium, SHIB’s layer-2 solution, recently celebrated its first anniversary. Launched last August during the ETHToronto conference, Shibarium has processed over 418 million transactions and linked more than 1.8 million wallets. It supports various operations, including smart contracts and NFTs, and has successfully launched three hard forks: Delhi, Indore, and Shanghai.
Shibarium has attracted hundreds of dApp developers and formed strategic partnerships, such as with K9 Finance.
Additionally, a third-party bridge called Hoichi has gone live, and the SHIB team has released a new version of ShibaSwap on Shibarium, which also operates on Ethereum, bridging assets between the two blockchains.
