According to CryptoPotato, Shiba Inu, a popular meme coin, has seen a significant increase in its burn rate. The latest data indicates a nearly 50,000% surge in the last 24 hours, resulting in over 87 million tokens being destroyed. The burn rate spiked again at the beginning of the week, and the total assets removed from circulation throughout March exceeded 15.5 billion, a 2,300% increase compared to February's figures.
Shiba Inu implemented the burn program with the primary aim of reducing the maximum supply of 999,982,362,289,250 SHIB tokens. This move is expected to make the tokens scarcer and potentially more valuable in the future. At present, the meme coin is trading at approximately $0.00002798, reflecting a 5% increase on a weekly scale.
Several analysts, including Rekt Capital and Jake Gagain, anticipate significant growth for the asset. Rekt Capital predicts a triple-digit price rally if SHIB surpasses a major resistance level, while Jake Gagain suggests that underestimating the token could be a significant error. Another contributing factor to a potential bull run is the development of the layer-2 blockchain solution, Shibarium. This network aims to give SHIB an edge over its meme coin competitors by reducing transaction costs and enhancing speed. It has achieved numerous milestones in recent months.