Massive Increase in SHIB Burn Rate
Shiba Inu’s token burn rate has skyrocketed by approximately 20,000% in the last 24 hours, resulting in the removal of over 260 million tokens. This is a record high in two months.
Burning Program for Value
About 41% of Shiba Inu’s original 999 trillion total supply has been burned to enhance the coin’s scarcity and value.
Shibarium’s Influence
The advancement of Shiba Inu’s layer-2 blockchain solution, Shibarium, is seen as a potential factor for future SHIB price increases. Significant network activity milestones have already been achieved.
SHIB Burn Rate on the Rise Again
The popular memecoin, Shiba Inu, has once again experienced a significant reduction in its circulating supply. The burn rate has surged by approximately 20,000% in the past 24 hours, resulting in over 260 million assets being sent to an inaccessible address.
This marks a new record in the last two months, with the previous second-best day being October 28 when more than 250 million SHIB were destroyed.
Shiba Inu currently has a total supply of 999 trillion assets, and around 41% of those have already been removed from circulation. The burning program aims to increase the scarcity and potential value of the coin over time.
Despite this impressive burn rate, SHIB has not seen significant price gains. It has consolidated at yesterday’s figure and is down 5% on a weekly basis.
Could Shibarium Play a Role?
Experts and analysts believe that the further development of Shiba Inu’s layer-2 blockchain solution, Shibarium, could also have an impact on the price of SHIB. The network went live in August and has achieved several milestones since then.
As reported recently, total transactions on the network have surpassed 4 million, and the number of total blocks is approaching 2 million.
If you’re interested in learning more about Shibarium’s purposes and specifics, you can watch our dedicated video below:
Hot Take: Potential Price Increase Ahead
The massive increase in SHIB burn rate and the development of Shibarium are positive signs for Shiba Inu. The burning program aims to increase scarcity and value, while Shibarium’s achievements indicate a growing network activity.
While SHIB’s price hasn’t reflected these developments yet, there is potential for future price increases. Keep an eye on Shiba Inu as it continues to evolve and make strides in the cryptocurrency market.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.