SHIB’s Shibarium Drops 54% Overnight, Why Sudden Downturn?

Shiba Inu Layer 2 Shibarium immediately saw a drop on his network, amounting to about 54%.

According to ShibariumscanShibarium saw a drop in transactions from 7,620 to 3,490 in the previous day, marking a 54% drop. After a significant drop in October, Shibarium saw low daily transactions.

The Shiba Inu Layer 2 saw its highest daily transaction in the last 14 days, with 7,620 reached on November 13.

Aside from that, Shibarium’s daily transactions have fluctuated between 1,500 and 4,440 since October 30, reflecting low interest.

What is up ?

The waning interest comes as the crypto market remains subdued after $19 billion in liquidations in the October 10 lightning strike, which in turn wiped more than $1 trillion from the total market value of all cryptocurrencies.

In the most recent sell-off, $1.28 billion was wiped out in liquidations as a severe liquidity crunch sent Bitcoin and altcoins tumbling on Friday.

Shiba Inu also fell to a low of $0.00000885, extending its selloff to a fourth day from a high of $0.00001026.

At the time of writing, SHIB was down 0.63% in the last 24 hours to $0.000009153 as traders bought the dip.

Shibarium recently surpassed 14 million blocks, with total blocks now at 14,115,519. Other Shibarium metrics also showed a slight increase: total transactions are currently at 1,568,716,210; total addresses are at 272,758,074.

812,840,391 SHIB tokens burned

Shiba Inu has seen 812,840,391 SHIB tokens removed from their circulating supply in the last seven days, with the burn rate increasing by 2.405% as a result.

According to Shibburn, 812,840,391 SHIB tokens were burned, resulting in a 2,405.09% increase in the weekly burn rate.

In the last 24 hours, 4,251,221 SHIB tokens were burned, contributing to a 327.98% increase in the burn rate.

With the recent burns, the total supply of Shiba Inu is now at 589,246,372,127,297 SHIB, with over 410 trillion tokens removed from the Shiba Inu circulating supply.