SHIB Burns Drop 42% as Shibarium Surpasses 10M Blocks Amid Market Crash

The SHIB burn rate has plummeted sharply, according to Shibburn, a platform tracking Shiba Inu (SHIB) token burns on Etherscan. Over the past 24 hours, SHIB burn volume fell by 42.07%, with only 21.6 million SHIB transferred to dead wallets and permanently removed from circulation. The two largest transactions burned 9.99 million and 9.68 million SHIB, respectively, with a few smaller transfers completing the total.

This sharp decline comes as global financial markets face turmoil, with over $5 trillion wiped off the stock market in just days. Despite the crash, Bitcoin (BTC) remains resilient, holding above $80,000, even as tech-heavy indexes like the Nasdaq bleed red.

The drop in SHIB burns is notable when compared to Friday's surge, where burn activity spiked by over 1,900%, totaling more than 48 million SHIB. However, the weekly data shows a steeper trend downward. Just 187.9 million SHIB were burned over the last seven days—a staggering 90.99% decline from the previous week's 2 billion.

Meanwhile, the Shiba Inu ecosystem has hit a significant milestone. Shibarium, the project's Layer-2 blockchain, has generated over 10.3 million blocks, with each block created roughly every five seconds. According to the Shibarium Updates account on X (formerly Twitter), this reflects the network’s consistency and ongoing growth. Each block secures verified transactions and enhances the platform's security, emphasizing Shibarium's active development and adoption.

As SHIB burn rates fluctuate and Shibarium expands, the community remains focused on long-term fundamentals, even amid volatile markets.