SHIB Burn Rate Plummets 95.55% Yet 46.45 Million Coins Removed

Despite a significant 95.55% collapse in the SHIB burn rate over the past week, the community's efforts to reduce the circulating supply of the meme coin have not ceased. Data from Shibburn, a prominent SHIB wallet tracker, revealed that while the burn rate plummeted, millions of SHIB coins were still transferred to unspendable blockchain addresses, effectively removing them from circulation.

Over the past seven days, the SHIB community managed to burn a total of 46,451,929 SHIB, despite the drastic fall in the burn rate. This action permanently locks these coins in "dead wallets," reducing the overall circulating supply. The daily burn rate also saw a notable decline, dropping by 87.60% with 180,292 SHIB burned in the past 24 hours.

In parallel to these developments, the SHIB ecosystem marked a significant milestone with the launch of the Shib Alpha Layer block explorer in testnet. This new tool, specifically designed for Shiba Inu’s Layer 3 infrastructure, offers real-time access to block and transaction data. Unlike general-purpose explorers, this one is tailored for Shib Alpha Layer’s modular rollups, providing instant indexing and zero delays in tracking onchain activity.

The block explorer's key features include live block and transaction data, instant indexing without caching, and network health and usage statistics. It also simplifies contract monitoring, supports external verification, and aligns with Shibarium’s open-access ethos. The tool is currently open for public testing and feedback, with a mainnet release anticipated in the near future.

The launch of the Shib Alpha Layer block explorer signifies a bullish development for the SHIB ecosystem, demonstrating the community's continued efforts to enhance the infrastructure and utility of the meme coin. Despite the significant drop in the burn rate, the community's commitment to reducing the circulating supply and advancing the technology remains steadfast, indicating a positive outlook for SHIB's future.