Shiba Inu Burn Rate Surge
The burn rate of Shiba Inu, the second-largest memecoin after Dogecoin, has skyrocketed by approximately 52,000% in the last 24 hours. This surge in burn rate resulted in the removal of 12.4 million tokens from circulation. The aim of this token destruction strategy is to increase scarcity and potentially enhance the value of Shiba Inu.
Significant Token Destruction
Over 40% of Shiba Inu’s massive supply has already been destroyed through the burn program. Despite a recent decline in price, the coin has experienced a 10% rise in value over the past month.
Shibarium’s Development
The layer-2 blockchain solution Shibarium has achieved significant milestones since its launch. It has processed over 4 million transactions and nearly 1.8 million blocks, with more than 1.2 million wallet addresses created.
Another SHIB Burn Rate Spike
Shiba Inu, one of the most popular memecoins, continues to witness a substantial reduction in its circulating supply due to increased burn rates. In the past 24 hours, the burn rate has surged by almost 52,000%, resulting in the removal of 12.4 million tokens to an inaccessible address.
Out of Shiba Inu’s maximum supply of nearly one quadrillion assets, more than 40% have already been destroyed through token burns. This strategy aims to increase scarcity and potentially boost the coin’s value. Despite recent price declines, Shiba Inu has seen a 10% increase in value over the past month.
Shibarium’s Progress
The development of Shibarium, a layer-2 blockchain solution, could further support the price of Shiba Inu. Since its launch in August, Shibarium has achieved significant milestones. The total number of transactions has surpassed 4 million, while the total blocks are approaching 1.8 million. Additionally, over 1.2 million wallet addresses have been created on the platform.
Hot Take: Shiba Inu’s Burn Rate Surge and Shibarium’s Progress
Shiba Inu’s recent burn rate surge, resulting in the destruction of millions of tokens, showcases the project’s commitment to increasing scarcity and potentially enhancing value. This strategy has contributed to a 10% price rise over the past month.
Furthermore, the development of Shibarium, with its impressive transaction volume and growing user base, could have a positive impact on the price of Shiba Inu. As the project continues to achieve significant milestones, it remains an interesting asset to watch in the crypto market.
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