Shiba Inu Breast Rate Rises Amid Market Slump

According to CryptoPotato, the burn rate of the popular meme coin Shiba Inu has seen a significant increase in an attempt to reduce the circulating supply of the asset and increase its value over time. Despite this, the price of the Shiba Inu remains low due to the current market downturn. The team behind Shiba Inu continues to remove a significant number of tokens from circulation; data shows a nearly 500% increase in burn rate in the last 24 hours, and a 193% increase on a weekly basis. This resulted in the destruction of over 774 million SHIB assets.

The ultimate goal of this program is to reduce the coin's wide supply, making it more scarce and potentially more valuable in the future. The burn rate increased by a whopping 50,000% in April, and the number of tokens removed from circulation during March exceeded 15.5 billion, an increase of 2,300% compared to February. However, despite these efforts, the price of Shiba Inu has fallen by 8% in the last 24 hours and 25% in the week, according to data from CoinGecko. This decline parallels a broader market downturn in which Bitcoin, Ethereum, Solana, Dogecoin and some other cryptocurrencies have also lost value.

Another factor that could positively impact SHIB's future value is the advancement of layer-2 scaling solution Shibarium. This network has experienced a significant revival in recent days, with daily transactions and active accounts increasing. Introduced last summer, Shibarium aims to support the development of meme money by reducing transaction costs, increasing speed, and increasing scalability. Over the past few months, Shibarium has reached many milestones, including surpassing 4 million total blocks on the network and surpassing 400 million total transactions.#Binance #SHIB🔥🔥 #si_dar $SHIB