Shiba Inu’s total holder base is inching toward 1.6 million.
The team behind Shiba Inu unveiled certain ecosystem updates that may favor the bulls.
Despite the progress, the token has underperformed lately and is no longer the second-largest meme coin.
The New Record
Earlier this week, Shibarium’s X account revealed that the total number of SHIB holders has surged by 1,100 in a single day, reaching a new all-time high of 1,585,022.
This jump is generally seen as positive for the meme coin because a growing holder base often reflects rising interest and confidence in the project. More investors may also stabilize demand, which could support the price during future market swings.
Additionally, the team disclosed that the burn rate ratio has soared by triple digits, daily active addresses have climbed past 150,000, and trading volume spiked to almost $130 million.
The burning mechanism is specifically important for a potential price appreciation. The mechanism, adopted in 2022, aims to reduce SHIB’s overall supply, making the coin scarcer and more valuable over time. The past 24 hours brought another rise in the burn rate, though not nearly as large as the one mentioned above. Just under 3.3 million SHIB have been removed from circulation for the day, marking a modest 7% increase.
The total amount of coins destroyed over the years inches toward 411 trillion, worth roughly $7.35 billion. It is worth noting that a significant share of that figure stems from Vitalik Buterin’s historic burn in 2021, when he scorched around 410 trillion SHIB in one move.
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The Price Keeps Sliding
Besides the aforementioned updates, the Shibarium team noted that more than 133 billion SHIB moved off exchanges earlier this week. Nonetheless, this hasn’t been enough to shift the broader trend, as investors continue sending more tokens from self-custody back to centralized platforms, thereby increasing immediate selling pressure. According to CryptoQuant, the total SHIB exchange reserves recently soared to approximately 82.2 trillion, the highest level since January.
Another factor that may hamper a decisive revival of the token is the stalled progress on Shibarium. Daily transactions processed on the protocol have diminished to mere thousands, signaling a shrinking number of active ecosystem participants.
As of press time, SHIB trades at around $0.00000637, a 50% plunge over the past year. Its market cap has slipped to $3.7 billion, pushing it down to the third-biggest meme coin as MemeCore (M) has taken its spot at nearly $5 billion.
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