TL;DR
- The Shiba Inu burn rate exploded again, an effort aimed to reduce the asset’s circulating supply and make SHIB more valuable in time.
However, the price remains deep in red territory amid an overall market collapse.
SHIB Burn Rate Takes Off
The creators of the well-known meme currency, Shiba Inu, are rapidly getting rid of a significant number of tokens from circulation. According to recent data, the rate at which tokens are being burned has increased by nearly 500% in the last day and over 193% on a weekly basis. As a result, approximately 774 million SHIB coins have been eliminated.
“The purpose of the program is to decrease the number of coins in circulation significantly, making them less common and possibly increasing their worth over time.”
According to CryptoPotato’s news, the rate of burning tokens experienced a massive surge by over 50,000% at one point in April. Moreover, more than 15.5 billion tokens were taken out of circulation during March, marking a significant jump of nearly 2,300% compared to the amount reported in February.
In spite of recent attempts, the cost of Shiba Inu has dropped by 8% in the last day and 25% over the past week according to CoinGecko’s statistics. This decrease aligns with a wider market slump, causing Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and several other cryptocurrencies to plummet.
Shibarium’s Role
An important factor that could boost SHIB‘s value in the future is the progress of its layer-2 scaling solution, Shibarium. The network has seen a notable resurgence in recent days, as the number of daily transactions and active user accounts have been on the rise.
Introduced the previous summer, this new feature aims to promote growth in the meme coin market by decreasing fees for transactions, increasing processing speed, and boosting its ability to handle larger volumes.
CryptoPotato reported numerous milestones that Shibarium achieved over the past few months. For example, total blocks on the network exceeded the 4 million level, whereas total transactions crossed 400 million. Those willing to learn more about the feature can take a look at our dedicated video below:
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2024-04-16 21:26