The Shiba Inu (SHIB) community has seen a significant uptick in its daily burn rate, despite a recent decline in the price of the meme cryptocurrency. According to data from the Shibburn explorer, the SHIB burn rate has surged by 62.58% over the past 24 hours, resulting in the removal of 6,985,600 SHIB from circulation through ten burn transactions.

The largest of these transactions included burns of 2,555,239, 1,500,000, and 1,045,369 SHIB. Over the past week, the community has burned a total of 57,671,544 SHIB, although this figure represents a 57% decrease from the previous week’s burn rate. In total, a staggering 410,726,422,225,031 SHIB has been burned since the cryptocurrency's inception, reducing the initial quadrillion supply created by Ryoshi in 2020. Currently, 582,992,864,057,113 SHIB remain in circulation, with an additional 6,280,713,717,854 SHIB locked in staking platforms.

Despite the increase in burn rate, SHIB's price has seen a decline of over 4% in the past 24 hours, dropping from $0.00002504 to $0.00002397. This decline follows a period of relatively stable trading.

In parallel, Shibariumscan explorer data indicates a continuous drop in on-chain activity on the Shibarium layer-2 solution. Daily transaction counts have decreased to 11,910, down from 16,900 on Saturday, marking a dramatic 97% drop from the 562,990 transactions recorded on April 17. However, the total number of transfers on Shibarium has risen to 417,490,509, with 1,803,114 wallets connected to the platform.

This decline in transaction activity is likely due to ongoing upgrades on Shibarium. Last week, Shiba Inu lead Shytoshi Kusama announced that a new version of the ShibaSwap decentralized exchange (DEX) had been successfully bridged from the Ethereum blockchain to Shibarium. This upgrade is expected to expand the range of opportunities for SHIB users and may help boost on-chain activity in the near future.

Conclusion

Despite the recent drop in SHIB's price, the significant increase in the burn rate demonstrates the community's continued efforts to reduce supply and support the value of the cryptocurrency. As the Shibarium upgrades take effect, there may be a renewed interest and activity on the platform, potentially stabilizing or increasing SHIB's price in the future. The ongoing developments highlight the dynamic and evolving nature of the Shiba Inu ecosystem.