Shiba Inu burn rate declines amidst Shibarium’s rapid growth

• Shiba Inu’s Shibarium testnet experienced remarkable growth with record transactions and wallet addresses.
• SHIB indicated a bearish trend, but active addresses showed a slight upward momentum.

The Shiba Inu Shibarium testnet has been buzzing with activity lately. As of this writing, it had already processed an impressive 12.8 million transactions and was rapidly approaching the 13 million mark. Furthermore, the number of wallet addresses on the platform had surpassed 16 million, highlighting the remarkable growth of this Layer 2 (L2) solution, despite its initially rocky start.

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Additionally, recent reports indicated that the mainnet launch was underway, bringing along additional features. Although the exact date of the launch remained uncertain, signs pointed to it taking place sometime in this year’s third quarter. The anticipation for the mainnet release continues to build, promising further advancements for the Shibarium ecosystem.

Shiba Inu burn rate declines

Despite the significant increase in transactions and wallets on the Shibarium, the current burn rate of Shiba Inu did not mirror this growth. Recent data from Shibburn revealed a 22% decline in the burn rate within the past 24 hours. As of this writing, nearly 19 million SHIB tokens had been burned. Additionally, the total burn from the initial supply had surpassed 410 trillion SHIB tokens.

Furthermore, Shibburns’ data indicated that approximately 14 trillion SHIB tokens were currently staked out of the circulating supply of over 574 trillion. 

Realistic or not, here’s SHIB market cap in BTC’s terms

SHIB daily timeframe price trend

The Relative Strength Index (RSI) line on the daily timeframe chart revealed a pronounced bearish trend for SHIB. The RSI line was positioned below the neutral line and registered a value below 35, indicating a weak movement and trend for SHIB. At the time of writing, SHIB was trading with a minimal loss of less than 1%, hovering around $0.000008.

Source: TradingView

According to Santiment, there had not been any significant shifts in the active addresses metric for SHIB. However, the seven-day active addresses metric exhibited a slight upward trend as of this writing. The number of active addresses surpassed 19,000, showcasing positive momentum in activity.

Source: Santiment