Shiba Inu, the meme-inspired cryptocurrency, is experiencing a remarkable surge in its burning rate, climbing by over 1,000% in recent days. This intentional reduction of its circulating supply has led to the destruction of 51 million tokens within just 24 hours, marking a significant step in the quest to create scarcity and boost the coin's value.
This burning frenzy coincides with the impressive progress of Shibarium, a layer-2 scaling solution introduced last year. With total transactions surpassing 400 million and blocks nearing the 4 million mark, Shibarium aims to transform the Shiba Inu ecosystem by slashing transaction fees and enhancing transaction speed.
The price of SHIB has surged by 17% weekly, driven by both strategic burning and technological advancements. This surge not only reflects investor confidence but also underscores the visual spectacle of Shiba Inu's evolution, promising a future characterized by innovation and increased value.
