In the past 24 hours, the Shiba Inu (SHIB) project has burned over 1.6 billion tokens, effectively removing them from circulation. The burn rate for this dog-themed meme asset experienced an astonishing increase of more than 56,965%, resulting in the elimination of 1,695,572,371 SHIB tokens. This recent substantial burn brings the total discarded Shiba Inu tokens from its initial supply to over 410.6 trillion, as reported by Shibburn. The circulating supply of the project currently stands at approximately 574.1 trillion tokens.
Shiba Inu, often seen as a competitor to Dogecoin (DOGE), has recently launched the testnet of its upcoming layer-2 scaling solution named "Puppynet." Although the specific release date for the mainnet remains unclear. Since its launch in March, Puppynet has witnessed a significant increase in transaction volume, with more than 5 million transactions recorded according to the blockchain scanner Blockscout. This marks a fivefold rise compared to the 1 million transactions reported on March 31st.
Unlike Pepe (PEPE), another meme token, the price of Shiba Inu has remained relatively stable recently, trading within the range of $0.00000988 and $0.00001005 over the past seven days.
Pepe experienced a remarkable surge in value when Binance, the world's largest cryptocurrency exchange by market cap, added the asset to its platform. Within a week, Pepe's price soared from its low of $0.000000254 on April 28th to 0.00000375, representing a staggering 1,300% gain. It is worth noting that Pepe is based on a controversial meme.
