Shiba Inu Community Boosted by 400% Surge in SHIB Burn Rate

• Shiba Inu (SHIB) burn rate surged over 420% in the last 24 hours.
• 5.3 million SHIB were burned in six transactions on the previous day.
• Shiba Inu price increased by 1% to $0.00001038, with a 25.3% gain over the past month.

Shiba Inu (SHIB) burn rate witnessed an unprecedented surge of over 420% in the last 24 hours. According to Shibburn, a leading tracker of SHIB token burns, a total of 5.3 million SHIB were burned across six transactions in the previous day. This massive spike catapulted the burn rate to 421.41%, sparking enthusiasm amongst the SHIB community.

The price of Shiba Inu also registered modest gains amidst the positive development, inching up 1% to reach $0.00001038 at press time. The meme coin has appreciated by nearly 25.3% over the past month, fueling speculations over further upside.

Shiba Inu burn activity on the rise

The heightened token burn activity signals the growing involvement of SHIB holders in reducing the circulating supply. As per the tokenomics model devised by the pseudonymous SHIB creator Ryoshi, burning SHIB tokens contributes to scarcity and supports price discovery.

The team also drew attention to another noteworthy achievement: Shibarium, the much-awaited layer-2 solution from Shiba Inu, has logged over 150 million transactions in total. By facilitating faster and more inexpensive transactions, Shibarium aims to unlock the true potential of the SHIB token.

Shiba Inu has rapidly emerged as one of the most prominent crypto projects, amassing a vast social media following dubbed the “Shib Army.” However, high volatility and criticisms around a lack of real-world utility have stirred uncertainty regarding sustainability. The current resurgence in burn activity and the milestone achieved by the Shibarium ecosystem assuage some of those concerns.