- Shibarium is set to hit a transaction milestone.
- Shiba Inu’s burn rate has decreased in the past seven days.
Despite the progress, the Shiba Inu [SHIB] Shibarium is approaching a significant milestone. Still, certain essential metrics indicate a lack of new participants and transactions.
Shibarium nears key milestones
An examination of Shibarium’s data showed that the Shiba Inu platform was approaching a noteworthy transaction milestone. The transaction chart analysis showed that the total number of completed transactions on the network was over 292.5 million.
Analyzing the cumulative transaction trend between 17th and 18th January, it was observed that over 2.6 million transactions were recorded during this period.
As of this writing, more than 140,000 additional transactions have been added. Projecting this trajectory, the platform is on track to reach the 300 million transaction mark soon.
New entrants decline on Shibarium
Towards the conclusion of last year, the count of new accounts on Shibarium experienced a rise, peaking at over 1,100 by 27th December. Subsequently, the numbers declined and have recently exhibited a downward trend.
As of this writing, there were 44 new addresses, with the highest count for the year reaching 104. Additionally, there has been a reduction in the number of new addresses in the past few weeks. This was a normal occurrence, given the decrease in new addresses.
Source: Shibarium
An analysis of the chart revealed that towards the end of the year, there was an uptick in the number of new transactions, reaching around 7 million. However, this figure has since decreased, and as of this writing, it was around 2.6 million.
SHIB burn rate and price declines
Following the launch of Shibarium, an anticipated outcome was an increase in Shiba Inu’s burn rate. The burn rate did experience a surge towards the end of the previous year, but it has recently declined.
As of this writing, the burn rate has decreased by over 60%, and over the last seven days, it has seen a reduction of over 98%. During the previous 24 hours, around 10 million SHIB were burned. Over the last seven days, the total burn was over 130 million.
Source: Trading View
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Furthermore, an examination of the daily timeframe chart showed that Shiba Inu has struggled to recover after the general decline observed in most assets on 12th January. By the close of trading on 18th January, SHIB had incurred a loss of over 3%.
As of this writing, it was trading with a slight increase of around 0.3%. The Relative Strength Index (RSI) also indicated it was currently in a bear trend.