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Shiba Inu Burn Rate Surges 1,200%: Is SHIB Ready for a Bull Run?
The popular meme coin – the Shiba Inu – has once again seen a large number of tokens disappear from its total circulating supply.
The latest communication Jiaweiwuq6267 data shows that the destruction rate has soared by 1,200% in the past 24 hours, resulting in more than 51 million assets being destroyed. This represents approximately 30% of all assets sent to empty addresses in the past seven days.
The maximum supply of Shiba Inu is 999,982,363,413,352 tokens, and the burning mechanism is a way to make the meme coin more scarce and potentially more valuable.
The process is quite complex and involves both manual and automatic burning. Those willing to learn more can read our detailed guide here. Not long ago, the team behind Shiba Inu introduced a “transformative token mechanism” to automate the entire system.
Notably, SHIB is one of the best-performing cryptocurrencies so far, with its price rising by 17% last week (according to data from CoinGecko).
Another factor that may contribute to the Shiba Inu rally is the further development of the Shiba Inu. Launched last August, the Layer-2 scaling solution continues to hit important milestones.
Earlier this month, the total transaction volume on the network passed the 400 million mark, while the total number of blocks was just over 4 million.
Shibarium aims to promote the growth and development of the Shiba Inu ecosystem and elevate meme coins above their competitors. Its purpose is to reduce transaction fees and increase speed
