According to CryptoPotato, Shiba Inu's burning rate has increased significantly by over 1,000% as part of efforts to decrease its supply and enhance value. The popular meme coin has witnessed a substantial number of tokens removed from its total circulating supply, with the burn rate soaring by 1,200% in the past 24 hours. This resulted in over 51 million assets being destroyed, representing approximately 30% of all the assets sent to a null address in the last seven days. Shiba Inu has a maximum supply of 999,982,363,413,352 tokens, and the burning mechanism is one way to make the meme coin scarcer and potentially more valuable in time.
SHIB's price is up 17% weekly, possibly bolstered by numerous factors such as the advancement of Shibarium. The layer-2 scaling solution, launched in August last year, keeps blasting through important milestones. Earlier this month, total transactions on the network exceeded the 400 million mark, whereas total blocks are just south of 4 million. Shibarium is designed to foster the growth and development of the Shiba Inu ecosystem and elevate the meme coin above its rivals. It aims to reduce transaction fees and improve speed.