Major Increase in Shiba Inu (SHIB) Burn Rate Today

11 months ago 6

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TL;DR

Shiba Inu’s burn rate has significantly increased, contributing to a reduction in SHIB’s circulating supply.
The price of Shiba Inu has shown an uptrend, with a 5% increase on a weekly basis.
The development of the layer-2 blockchain solution Shibarium is also worth observing.

The Latest Burn

The second-largest memecoin by market capitalization – Shiba Inu – witnessed a burn rate spike of approximately 400% in the past 24 hours. This resulted in over 16.5 million tokens being removed from circulation.

Shiba Inu’s burning mechanism has been going at a solid pace during the first weeks of 2024, with more than 9 billion assets destroyed since January 1. This represents over 10% of the amount burned throughout the entire 2023.

The program aims to reduce the tremendous SHIB supply, potentially making it scarcer and more valuable in time. The meme coin’s price has been on an uptrend lately, rising by 5% in the past seven days. The increase could also be a result of the brief overall market resurgence following the approval of multiple spot Bitcoin ETFs in the United States.

In the past 24 hours, though, the sector experienced a correction, with SHIB’s value plunging by 2.5% (per CoinGecko’s data).

Shibarium’s Advancement

Another bullish factor that might have played a role in SHIB’s latest upswing could be the developments surrounding the layer-2 blockchain solution Shibarium. The network, which saw the light of day in August last year, aims to elevate the meme coin above its rivals by reducing transaction fees and improving speed.

As CryptoPotato recently reported, total transactions on Shibarium surpassed the 250 million mark, while wallet addresses exceeded 1.3 million. Those curious to learn more about the feature could take a look at our dedicated video below: