Huge Increase in Shiba Inu (SHIB) Burn Rate Today
TL;DR
- The shiba inu‘s burn rate has increased significantly, contributing to the reduced circulating supply of SHIB.
- The price of the Shiba Inu showed an upward trend, increasing by 5% on a weekly basis.
- The development of layer-2 blockchain solution Shibarium is also worth observing.
Second largest memecoin by market cap – Shiba Inu – I witnessed a nearly 400% increase in burn rate in the last 24 hours. This resulted in the removal of more than 16.5 million tokens from circulation.
The Shiba Inu burning mechanism continues at a solid pace in the first weeks of 2024, and more than 9 billion assets have been destroyed since January 1. This represents more than 10% of the amount burnt Throughout 2023.
The program aims to reduce the massive supply of SHIB, potentially making it scarcer and more valuable over time. The price of Meme coin has been in an upward trend recently and has increased by 5% in the last seven days. The increase may also be a result of a short-term revival in the market following the approval of multiple spot Bitcoin ETFs in the United States.
However, in the last 24 hours, the sector has experienced a correction and SHIB’s value has fallen by 2.5% (according to data from CoinGecko).
Shibarium’s Progress
Another bullish factor that could play a role in SHIB’s recent rise could be the developments surrounding layer-2 blockchain solution Shibarium. The network, which came to light in August last year, aims to elevate the meme coin above its competitors by reducing transaction fees and increasing speed.
Like CryptoPotato Lately reportedTotal transactions on Shibarium exceeded 250 million and wallet addresses exceeded 1.3 million. Those who want to learn more about this feature can check out our special video below:
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