Shiba Inu Burn Rate Skyrockets, While Shibarium Climbs New Peaks: SHIB Price Rally Incoming?

TL;DR

1. SHIB Burn Rate Surge: Shiba Inu’s burn rate soared by 4,000% in the past seven days, resulting in the removal of over 8.6 billion SHIB from circulation to potentially increase its scarcity and value.
2. Minimal Price Impact: Despite the massive burn rate increase, SHIB’s price saw only a minor change, with a 2% decrease in 24 hours but a 9% weekly gain.
3. Shibarium Milestones: Shiba Inu’s layer-2 solution, Shibarium, achieved significant progress, surpassing 2 million blocks and nearly 150 million transactions, enhancing the memecoin’s competitiveness through lower fees and faster transactions.

SHIB’s Burn Rate Goes Through the Roof

Despite retracing from its peak levels, the hype surrounding the popular memecoin – Shiba Inu – is still evident, with the asset intriguing many cryptocurrency participants. There are multiple developments surrounding the token, with its burning mechanism being one example.

As revealed by Shibburn, the memecoin project witnessed a 4,000% increase in its burn rate for the past seven days. This resulted in over 8.6 billion SHIB being sent to an address nobody could access.

The program aims to reduce the tremendous circulating supply of SHIB and potentially make the asset more scarce and valuable in the future. 

Nonetheless, the latest burn rate seems to have little-to-no effect on the price. SHIB has plunged 2% in the past 24 hours but is up 9% on a weekly basis (per CoinGecko’s data).

Shibarium’s Advancements

Another feature worth observing when talking about Shiba Inu is its layer-2 blockchain solution, Shibarium. The network, launched officially in August this year, has blasted through countless milestones since then. 

Total blocks on Shibarium have exceeded the 2 million mark, whereas the number of total transactions currently stands just shy of the 150 million level. Many experts have previously suggested that the further development of the feature could act as a catalyst for a potential SHIB price rally.

Shibarium’s primary goal is to elevate Shiba Inu above its rivals in the memecoin niche by reducing transaction fees and improving speed. Those curious to learn more about its purposes could take a look at the video below: