Cryptocurrency

Shiba Inu (SHIB) Burn Rate Skyrockets by 30,000%

TL;DR

• Shiba Inu’s burn rate has significantly increased, indicating a strong push to reduce the token’s circulating supply, which could boost its value over time.
• The development of Shibarium, aimed at enhancing the ecosystem by reducing fees and increasing transaction speed, is viewed positively for SHIB’s future price potential.

The popular meme coin – Shiba Inu – continues to witness a substantial amount of tokens removed from its circulating supply. Data shows that the burn rate has exploded by a whopping 30,000% in the past 24 hours, resulting in almost 4 million tokens destroyed.

The team behind the meme coin also revealed that over 643 million tokens were burned throughout February, which is actually a 93% decline compared to the first month of the year.

The burning mechanism appears to be a vital factor that could fuel a price rally. After all, a decline in SHIB’s supply combined with a rising demand could make the coin more valuable in time. 

The marketing strategist of Shibarium – LUCIE – recently reminded that Shiba Inu’s price skyrocketed by 800% in a week in 2021 without any burns, hinting at more spectacular ascents in the future now that the program is in place.

The further development of Shibarium has also been touted as a bullish element. Daily transactions on the network have been going through the roof recently, with total transactions nearing the 400 million mark. Wallet addresses stand at around 1.3 million, whereas total blocks surpassed 3.4 million.

Officially launched in August last year, Shibarium aims to elevate Shiba Inu above its rivals in the meme coin niche and boost its ecosystem by lowering transaction fees and improving speed.

For those interested in delving further into the matter, we invite you to watch our dedicated video below:

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