As a researcher with extensive experience in the cryptocurrency market, I find the recent developments surrounding Shiba Inu (SHIB) particularly intriguing. The meme coin’s burn rate has skyrocketed, removing millions of tokens daily, which is part of an ongoing effort to reduce its supply and ultimately increase value.
TL;DR
- Shiba Inu’s burn rate skyrockets, removing millions of tokens on a daily scale, part of a larger effort to reduce supply and enhance value.
Shibarium development advances with upgrades aimed at improving speed, scalability, and transaction fees, potentially contributing to SHIB’s recent price increase.
SHIB Burn Rate Going Through the Roof
As a researcher studying the cryptocurrency market, I’ve noticed an impressive surge in the burn rate of Shiba Inu, the well-known meme coin. According to the data, this digital asset experienced an astounding increase of over 4,000% within the last 24 hours alone. Consequently, a substantial number of approximately 81 million tokens have been eliminated from circulation.
As a researcher studying the trends of the SHIB coin, I’ve observed notable success over the past month. Approximately 1.7 billion SHIB assets have been destroyed during April. The long-term objective is to diminish the vast supply currently in circulation, making it more elusive and potentially increasing its worth in the future.
Shib’s price has risen by approximately 6% in the past week and an astonishing 150% since May the previous year. With a market capitalization approaching $15 billion, Shib is currently the second-largest meme coin in existence.
Shibarium’s Potential Role
As a researcher, I’ve discovered that one significant factor possibly boosting Shiba Inu’s recent price surge is the advancement of our project, Shibarium. This layer-2 scaling solution intends to set Shiba Inu apart from its competitors in the meme coin market by increasing speed, enhancing scalability, and reducing transaction fees. Lately, Shibarium has undergone two crucial upgrades.
As a researcher, I discovered that the initial event took place around mid-April. During this time, our team unveiled an upgraded user interface (UI), which we proudly announced as “faster, smoother, and more accessible than ever.” Our primary objective was to optimize compatibility with widely-used self-custody wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.
After making some progress, I, as an analyst, would like to note that the developers implemented another significant update via a “hard fork.” This enhancement is designed to enhance the user experience, foster the developer and innovator community’s growth, and expedite the block processing times.
The team explained that they are leveling out transaction fees during periods of heavy usage, resulting in more consistent and equitable costs for all users. This action keeps our platform cost-effective and open to everyone.
Those curious to learn more about Shibarium, please take a look at our dedicated video below:
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2024-05-06 11:50