Shibarium is poised to achieve a significant transaction milestone, signaling its growing impact. Meanwhile, Shiba Inu faces a decline as its burn rate has decreased over the past seven days.
Even though the Shiba Inu (SHIB) Shibarium is making good progress towards a big milestone, there are signs that suggest not everything is on the upswing. Important numbers show that there might be a shortage of new people joining in and fewer transactions happening.
Shibarium Nears 300 Million Transactions Milestone
An in-depth examination of Shibarium’s data has revealed that the Shiba Inu platform is rapidly approaching a significant transaction milestone. The analysis of transaction charts indicates that the total number of completed transactions on the network has surpassed 292.5 million.
A closer look at the cumulative transaction trend between January 17th and 18th showed a remarkable 2.6 million transactions during that brief period. As of the latest update, an additional 140,000 transactions have been recorded, suggesting a trajectory that puts the platform well on its way to achieving the impressive 300 million transaction mark in the near future.
Shibarium Account Trends and Transaction Analysis
Towards the conclusion of the previous year, Shibarium witnessed a surge in new account registrations, peaking at over 1,100 by December 27th. However, in the following period, these numbers experienced a decline, showing a recent downward trend.
As of the current update, there are 44 new addresses, with the highest count for the year recorded at 104. Notably, there has been an overall reduction in the number of new addresses in the past few weeks, which aligns with the typical pattern of decreasing new addresses.
Analyzing the chart, it was observed that towards the year-end, there was a spike in new transactions, reaching approximately 7 million. However, this figure has since decreased, and as of now, it stands around 2.6 million, indicating a shift in transactional activity.
Shibarium Launch Impact: Shiba Inu’s Burn Rate and Market Trends
Following the introduction of Shibarium, the anticipated outcome included an expected boost in Shiba Inu’s burn rate. While there was indeed a surge towards the end of the previous year, recent trends show a decline in the burn rate.
As of the latest update, the burn rate has dropped by more than 60%, with a staggering reduction of over 98% in the past seven days. Over the last 24 hours, approximately 10 million SHIB were burned, contributing to a total burn exceeding 130 million over the past week.
Source: Trading View
Furthermore, a closer look at the daily timeframe chart revealed Shiba Inu’s struggle to recover from the general decline observed in most assets on January 12th. By the close of trading on January 18th, SHIB had incurred a loss of over 3%.
At the current moment, it is trading with a slight increase of around 0.3%. Notably, the Relative Strength Index (RSI) indicates the presence of a bear trend, adding a layer of complexity to Shiba Inu’s current market dynamics.
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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