Shiba Inu Burn Rate Spike
Shiba Inu has experienced a significant increase in its burn rate, resulting in the removal of millions of tokens from circulation. The burn has been going through the roof since the beginning of the year, with over 9 billion SHIB destroyed.
Shibarium Developments
Shibarium, the meme coin’s L2 blockchain solution, will go through key updates to enhance its burning mechanism. The development aims to reduce the burden of manual token burning and automate the entire system.
The second-largest meme coin by market capitalization – Shiba Inu – experienced a burn rate spike of approximately 4,200% in the last 24 hours, resulting in more than 10 million tokens being removed from circulation. This spike adds to the already significant burn rate observed since the beginning of the year, with over 9 billion SHIB destroyed. The purpose of this burning mechanism is to reduce the circulating supply of SHIB and potentially increase its value over time.
Shibarium, Shiba Inu’s layer-2 blockchain solution, recently introduced a transformative token burning mechanism. This development is crucial for the network’s tokenomics as it automates and improves efficiency in the token burning process. The mechanism will be tested on Puppynet before being implemented on the Mainnet based on predefined rules.
Shibarium aims to elevate Shiba Inu above its competitors in the meme coin space by improving speed and reducing transaction fees. It has achieved significant milestones, such as surpassing 300 million total transactions since its launch in August last year.
Hot Take: Shiba Inu’s Burn Rate Surge Signals Growing Interest
The recent spike in Shiba Inu’s burn rate highlights growing interest and activity in the meme coin. With millions of tokens being removed from circulation, the supply becomes scarcer, potentially increasing the value of SHIB. The development of Shibarium’s token burning mechanism further strengthens the network’s tokenomics by automating and enhancing efficiency in burning tokens. As Shiba Inu continues to make progress and achieve milestones, it remains an intriguing player in the meme coin realm.
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