Shiba Inu (SHIB) has experienced a staggering 10,000% surge in its burn rate over the past week, with over 61 million SHIB tokens permanently removed from circulation. This dramatic increase coincides with Shibarium, Shiba Inu's Layer-2 Ethereum scaling solution, approaching a historic one billion transactions.
Explosive Growth in SHIB Burns
- 61 million SHIB burned in the last seven days.
- A single event eliminated 13 million SHIB within 24 hours—the largest burn of the week.
Token burning involves sending coins to an irretrievable wallet, reducing total supply to potentially increase the value of remaining tokens.
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Current SHIB Price Momentum
As of now, SHIB trades at $0.0000165, up 5.1% in 24 hours. This upward trend aligns with rising optimism around Shibarium’s adoption.
Shibarium’s Milestone: One Billion Transactions
Shibarium is rapidly closing in on 1 billion total transactions:
- 943 million transactions recorded to date.
- 4.63 million daily transactions on average—projected to hit 1 billion in 13 days.
Key Stats:
| Metric | Count |
|---------------------|------------------|
| Total Blocks | 9,450,157 |
| Wallet Addresses | 2,111,252 |
SHIB Derivatives Market Sentiment
Recent derivatives data paints a nuanced picture:
$348,580 in liquidations (24 hours):
- $188,930 from long positions (bullish bets).
- $159,650 from short positions (bearish bets).
- Open interest dropped 5.25% to $208.23 million.
- Trading volume fell 26.95% to $139.56 million, signaling lower activity.
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Trader Positioning Insights
- Binance long/short ratio: 0.9697 (slight bearish bias).
- Top trader ratio: 2.46 (whales heavily favor price growth).
FAQ
Q: Why is SHIB’s burn rate important?
A: Burning reduces supply, which can increase scarcity and potentially drive long-term price appreciation.
Q: How does Shibarium benefit SHIB?
A: As a Layer-2 solution, it enhances transaction speed and reduces fees, boosting utility and demand for SHIB.
Q: What does declining open interest indicate?
A: It may reflect cautious trading or profit-taking, but top traders remain bullish.
Q: When will Shibarium hit 1 billion transactions?
A: At the current pace, likely within two weeks.
Q: How can I track SHIB burns?
A: Platforms like ShibBurn provide real-time burn data.
Q: Is the SHIB price surge sustainable?
A: While burns and Shibarium adoption are positive, market volatility remains a factor.
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