A significant Shiba Inu metric has experienced an impressive surge over the past month, with the SHIB supply witnessing a substantial decline once again.
The Shiba Inu community and its developer team have made significant efforts to transform SHIB from a meme coin into a scarce asset. According to data from the Shibburn cryptocurrency tracker, over a dozen billion SHIB coins were sent to a virtual furnace during the month of March.
Significant SHIB Burns in March
The data from the mentioned source has disclosed a noteworthy development in March: a total of 15,644,329,668 SHIB coins were transferred to unspendable wallets. This sizable reduction in supply amounted to nearly half a million US dollars, approximately $454,154 at the time of writing.
The total monthly SHIB burn rate surged dramatically by 2,330%, as reported by Shibburn. Most of the billions of SHIB coins were removed from circulation by the SHIB developer team.
On March 9, the developer team incinerated an impressive 13,610,153,841 SHIB coins, along with significant quantities of BONE and LEASH tokens. Earlier, between late November and February, nearly 40 billion Shiba Inu were destroyed by the SHIB team.
These burns were financed using funds from Shibarium fees. Part of the transaction fees paid in BONE were converted into Shiba Inu and transferred to unspendable wallets to be permanently locked away.
The daily burn rate saw a significant decline of 61.78%, with the SHIB community disposing of only 4,498,428 SHIB within the last 24 hours.
Shibariumscan Explorer Data: Decline in Daily Transactions
According to data from the Shibariumscan explorer, the Layer-2 solution developed by the SHIB team on the Ethereum chain has experienced a significant drop in daily transactions. On March 31, the total daily transfer level plummeted to just 3,690, following a recent peak of 172,290 a few days earlier and reaching 412,270 on March 25.
The network saw its highest recorded daily transfers of 2.34 million at the beginning of March, showcasing a substantial increase.
However, despite the decline in daily transactions, another key metric measuring transactions on the network has shown an overall increase. The total transaction count has surged to 413,154,847, adding approximately a million transfers over the past month. Despite this cumulative rise, transaction activity on Shibarium has been relatively low in recent times.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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