Shiba Inu’s Burn Rate and Shibarium Reach New Heights
This week, Shiba Inu, a popular meme coin on the Ethereum blockchain, experienced significant developments that caught the attention of traders and investors.
One notable development is the remarkable increase in the SHIB burn rate. Over the past few days, the burn rate skyrocketed by 232.85%, 459%, and a staggering 4250.91%. This surge in burning activity has made waves in the broader crypto market. So far, the community has burned a massive 410.708 trillion SHIB tokens from the initial circulating supply.
In addition to the burn rate, Shibarium, an L2 blockchain supported by Shiba Inu, has also seen significant growth. While daily transactions on the network remain relatively low, the total number of transactions reached 308.07 million, indicating increased activity on Shibarium.
Furthermore, there has been a noticeable increase in whale transactions involving approximately 4 trillion SHIB tokens this week.
Shiba Inu Price Decline
Despite its recent accomplishments, the price of Shiba Inu experienced a slight dip of 0.40% over the past 24 hours, currently trading at $0.000008901. The weekly chart also shows a decline of 5.57%, with a monthly plunge of 17.43%.
Interestingly, this price decline contrasts with the significant developments surrounding the meme coin. However, crypto enthusiasts worldwide anticipate a potential price boost in the near future.
Hot Take: Shiba Inu Fueling Optimism as Burn Rate & Shibarium Scale Greater Heights
Shiba Inu’s recent surge in burn rate and the growth of Shibarium have generated excitement and optimism among traders and investors. The increasing burn rate reflects a strong community engagement and a reduction in the token’s circulating supply. Meanwhile, Shibarium’s progress signifies the expansion of Shiba Inu’s ecosystem.
Although the price of Shiba Inu has experienced a decline, many in the crypto market remain hopeful for a potential price increase in the coming days. As Shiba Inu continues to make waves in the crypto space, it remains a coin to watch for both its technological developments and price movements.
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