🔥💥Significant Increase in Shiba Inu Burn Rate: Potential Impact on SHIB Price? 🤯
#SHIB Burning Accelerates
The team managing the renowned meme coin, #ShibaInu , has been actively reducing the coin's circulation. Recent data indicates a staggering 500% surge in burn rate within 24 hours and a notable 193% rise over the past week. This surge led to the elimination of over 774 million SHIB tokens from circulation.
The primary objective of this program is to diminish the coin's extensive supply, potentially increasing its value in the future. Notably, the burn rate soared by 50,000% in April, while the tokens removed from circulation in March exceeded 15.5 billion—a remarkable 2,300% increase compared to February.
Despite these efforts, Shiba Inu's price has experienced an 8% decline in the last 24 hours and a 25% drop over the week, as per Coingecko's data. This downtrend aligns with the broader market decline impacting cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and others recently.
Shibarium's Potential
Shibarium, a layer-2 scaling solution, could play a crucial role in bolstering shib's value. The network has seen a notable resurgence in daily transactions and active accounts recently.
Introduced last summer, Shibarium aims to enhance the meme token's development by reducing transaction costs, boosting speed, and enhancing scalability.
