Shiba Inu's (SHIB) token burning rate has surged by approximately 500% in the last 24 hours, resulting in over 30 million tokens being destroyed. This significant increase in the burn rate aims to reduce the vast supply of SHIB and make the asset scarcer and more valuable over time.
The program includes both manual and automatic burns, with a "transformative token mechanism" introduced earlier this year to automate the entire system.
The spike in the burn rate may be one reason for the 7% increase in SHIB's price on a daily scale. Other contributing factors could include the revival of the cryptocurrency market and the further development of the layer-2 scaling solution Shibarium.
Daily transactions on the network have jumped by 800% today, with wallet addresses nearing 1.4 million and total blocks surpassing the 3.7 million mark.
Shibarium, launched in August last year, aims to provide a scalable, efficient, and low-cost transaction environment for SHIB transactions and decentralized applications within the Shiba Inu ecosystem.
