Shiba Inu's Burning Rate
Increases by Over 1,000% to
Boost Value
According to CryptoPotato, Shiba Inu's
burning rate has increased significantly by
over 1,000% as part of efforts to decrease
its supply and enhance value. The popular
meme coin has witnessed a substantial
number of tokens removed from its total
circulating supply, with the burn rate
soaring by 1,200% in the past 24 hours.
This resulted in over 51 million assets
being destroyed, representing
approximately 30% of all the assets sent to
a null address in the last seven days. Shiba
Inu has a maximum supply of
999,982,363,413,352 tokens, and the
burning mechanism is one way to make
the meme coin scarcer and potentially
more valuable in time.
SHIB's price is up 17% weekly, possibly
bolstered by numerous factors such as the
advancement of Shibarium. The layer-2
scaling solution, launched in August last
year, keeps blasting through important
milestones. Earlier this month, total
transactions on the network exceeded the
400 million mark, whereas total blocks are
just south of 4 million. Shibarium is
designed to foster the growth and
development of the Shiba Inu ecosystem
and elevate the meme coin above its rivals.
It aims to reduce transaction fees and
improve speed.
Disclaimer: Includes third-party opinions. No financial advice. See T&Cs.
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