Shiba Inu's burn rate has surged by 90%, resulting in over two million tokens being removed from circulation. Despite this, the meme coin's price has dropped by over 20% in the past week, reflecting the broader crypto market downturn. The Shiba Inu team attributes the increased burn rate to users mistakenly sending their tokens to the Contract Address, rather than any significant news or developments.

The team is optimistic about the potential impact of Shibarium, Shiba Inu's layer-2 scaling solution. Since its launch in August 2021, the network has surpassed numerous milestones, including over 400 million total transactions. Shibarium underwent a user interface update last month, improving compatibility with popular self-custody wallets. Another upgrade is scheduled for May 2, aimed at enhancing user experience, speeding up block processing times, and empowering the developer community.

Despite the current market correction, the team remains confident in the potential for a future bull run, driven by reduced transaction fees and increased speed.