According to CryptoPotato, Shiba Inu (SHIB) experienced a significant increase in token burns in March, with over 15.5 billion tokens removed from circulation. The largest spike occurred on March 8, when nearly 14 billion SHIB tokens were sent to a null address. This represents a 2,300% increase in the burn rate compared to February, aiming to decrease the circulating supply of SHIB and potentially increase its value over time. Despite a recent correction, the meme coin's price has risen by 40% on a monthly scale.
In addition to the token burns, the development of Shibarium, SHIB's layer-2 scaling solution, has advanced significantly. Although progress was halted recently, the network has already achieved several important milestones, including over 400 million total transactions and nearly 1.4 million wallet addresses. Launched in August last year, Shibarium aims to reduce transaction fees and improve speed, supporting the growth of the Shiba Inu ecosystem.
Cryptocurrency analyst Rekt Capital predicted that Shiba Inu could reach its previous all-time high price in the near future if it surpasses the major resistance level of $0.000033285.