Shiba Inu’s Burn Rate Surges, but Price Remains Down
Today, Shiba Inu witnessed a significant increase in its burn rate, removing over two million tokens from circulation. Despite this positive development, the price of SHIB continues to remain deep in the red, aligning with the broader correction in the crypto market.
The Recent Surge in Burn Rate
The burn rate of Shiba Inu experienced a substantial surge today, jumping by 90% compared to the previous day. This spike resulted in the removal of over two million SHIB tokens from circulation.
- Almost 1.7 billion SHIB tokens were burned last month through 204 transactions, with most of the destroyed assets being transferred to the Contract Address.
- The team behind the meme coin clarified that the increase in burn rate was not due to any significant news but rather individuals mistakenly sending their tokens to the CA and losing their investments as a result.
As the developers stated, “Be careful and double-check where you send your tokens so it doesn’t happen to you.”
The burning program’s primary aim is to reduce the vast supply of SHIB tokens, potentially making them more valuable over time. However, despite these efforts, the price of the meme coin has declined by over 20% in the past week amid the broader crypto market correction.
Potential Triggers for a SHIB Rally
Aside from the burn rate surge, several other factors could contribute to a potential rally for Shiba Inu, including:
- Shibarium Development: The ongoing development of Shiba Inu’s layer-2 scaling solution, Shibarium, could play a significant role in driving a bull run for the asset.
- The network has achieved various milestones since its official launch, with the total number of transactions surpassing 400 million.
- A recent user interface (UI) update has enhanced compatibility with popular self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet.
- Upcoming Hard Fork: Shibarium is set for another upgrade on May 2 through a hard fork, aiming to improve user experience, enhance block processing times, and empower the developer community.
- The primary goal of Shibarium is to elevate Shiba Inu above its competitors in the meme coin space by reducing transaction fees and increasing transaction speed.
- For more information on this feature, refer to the dedicated video below.
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