TL;DR
Shiba Inu’s burning rate increased significantly by over 1,000%, as part of efforts to decrease its supply and enhance value.
SHIB’s price is up 17% weekly, possibly bolstered by numerous factors such as the advancement of Shibarium.
The popular meme coin – Shiba Inu – has once again witnessed a substantial number of tokens removed from its total circulating supply.
Latest data shows that the burn rate soared by 1,200% in the past 24 hours, resulting in over 51 million assets being destroyed. This represents 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.
The process is rather complicated and includes both manual and automatic burns. Those willing to learn more about it can read our detailed guide here. Not long ago, the team behind Shiba Inu introduced “a transformative token mechanism” to automate the entire system.
It is worth mentioning that SHIB has been among the best-performing cryptocurrencies as of late, with its price rising by 17% in the last week (per CoinGecko’s data).
SHIB Price, Source: CoinGecko
Another factor possibly contributing to a Shiba Inu rally is the further 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. Those willing to learn more about the feature, feel free to watch our dedicated video below:
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