- Shibarium is about to hit a transaction milestone.
- Shiba Inu burning rate has decreased over the past seven days.
Despite the progress, the Shiba Inu remained [SHIB] Shibarium is approaching an important milestone. Yet certain key figures point to a lack of new participants and transactions.
Shibarium is approaching major milestones
Examination of Shibarium data showed that the Shiba Inu platform was approaching a notable transaction milestone. The transaction graph analysis showed that the total number of completed transactions on the network was over 292.5 million.
When analyzing the cumulative transaction trend between January 17 and 18, it was found that more than 2.6 million transactions were recorded during this period.
At the time of writing, more than 140,000 additional transactions have been added. Predicting this trajectory, the platform is on track to reach the 300 million transaction milestone soon.
Newcomers take off at Shibarium
Towards the end of last year, the number of new accounts on Shibarium saw an increase, peaking at over 1,100 on December 27. Then the numbers dropped and recently showed a downward trend.
At the time of writing, there were 44 new addresses, with the highest number for the year being 104. Moreover, there has been a decrease in the number of new addresses in recent weeks. Given the decline in the number of new addresses, this was a normal phenomenon.
Source: Shibarium
An analysis of the graph showed that there was an increase in the number of new transactions towards the end of the year, to around 7 million. However, this figure has since fallen and was around 2.6 million at the time of writing.
SHIB burn rate and price drops
After the launch of Shibarium, an expected result was an increase in Shiba Inu’s burning rate. The burning rate increased at the end of last year, but has recently fallen.
As of this writing, the burn rate has decreased by more than 60%, and in the past seven days there has been a decrease of more than 98%. During the past 24 hours, approximately 10 million SHIB have been burned. Over the past seven days, the total combustion amounted to more than 130 million.
Source: trading view
Is your portfolio green? View the SHIB Profit Calculator
Furthermore, an examination of the daily chart showed that Shiba Inu struggled to recover after the general decline seen across most assets on January 12. At the close of trading on January 18, SHIB had suffered a loss of more than 3%.
At the time of writing, it was trading slightly up around 0.3%. The Relative Strength Index (RSI) also indicated that it is currently in a bear trend.