Shiba Inu Burn Rate Explodes by 300% Amid Renewed SHIB Price Rally: Details

TL;DR

Shiba Inu (SHIB) experienced a massive increase in token burns on a daily scale.
This coincides with an uptick in the meme coin’s price.

The second-largest meme coin in terms of total market capitalization – Shiba Inu – experienced another substantial burn rate. Data shows that it has spiked by over 300% in the past 24 hours, resulting in almost 100 million SHIB tokens being removed from circulation.

As CryptoPotato reported, the burn rate also significantly increased last month, when over 15.5 billion assets were destroyed. 

The ultimate goal is to reduce the maximum supply of 999,982,362,289,250 SHIB tokens, making them scarcer and potentially more valuable in time.

It is worth noting that the price of Shiba Inu has returned to green territory in the past few hours, being up around 4% on a daily scale. The increase coincides with the overall recovery of the market, with Bitcoin (BTC) rising to $72,000 and Ethereum (ETH) reclaiming the $3,600 mark.

Another factor that could positively impact SHIB’s value is the development of the layer-2 blockchain solution Shibarium.

The network, which officially launched last summer, aims to support the development of decentralized applications (dApps), including DeFi projects, non-fungible tokens (NFTs), and gaming applications, within the Shiba Inu ecosystem.

It also seeks to enhance user experience with high transaction throughput and lower costs, making it an attractive platform for developers and participants in the cryptocurrency space. 

Earlier this month, Shibarium blasted through another milestone, surpassing the 4 million mark in terms of total blocks. Those willing to learn more about the network, please take a look at the dedicated video below: