Shiba Inu Layer 2 Shibarimumu experienced a sudden network degradation, amounting to approximately 54%.
According to SybariumScan, the number of Sybarium transactions fell to 3,490 from 7,620 the day before, a 54% decline. Following a significant drop in October, the daily trading value of Shibarimumu is decreasing.
Shiba Inu Layer 2 saw the highest number of daily transactions in the past 14 days, reaching 7,620 transactions on November 13th.
Separately, the number of daily transactions on Shibarium has fluctuated between 1,500 and 4,440 since October 30, reflecting low interest rates.
what’s happening?
The drop in interest comes as the crypto market remains tense after the October 10 Flash Crash liquidated $19 billion, wiping out more than $1 trillion from the total market value of all cryptocurrencies.
The latest drop saw $1.28 billion wiped out in liquidations as Bitcoin and altcoins plummeted due to a sharp liquidity crunch on Friday.
Shiba Inu similarly fell to a low of $0.00000885 and continued its decline from a high of $0.00001026 until the fourth day.
At the time of writing, SHIB was up 0.63% in the past 24 hours to $0.000009153 as traders bought the dip.
Recently, Shibarium surpassed 14 million blocks, bringing the total number of blocks to 14,115,519. Other Shibarium indicators also show slight increases. The total number of transactions is currently 1,568,716,210. The total address is 272,758,074.
812,840,391 SHIB tokens were burned
On Shiba Inu, 812,840,391 SHIB tokens were removed from the circulating supply in the past 7 days, resulting in a 2,405% spike in burn rate.
According to Shibburn, 812,840,391 SHIB tokens were burned, increasing the weekly burn rate by 2,405.09%.
In the last 24 hours, 4,251,221 SHIB tokens were burned, contributing to a 327.98% increase in burn rate.
Due to the recent burn, the total supply of Shiba Inu is now 589,246,372,127,297 SHIB and over 410 trillion tokens have been removed from the circulating supply of Shiba Inu.
