🔥💥Huge Increase in Shiba Inu Cremation Rate: Could SHIB Price Increase?
#SHIB Burning Speed Is Taking Off
The team behind the popular meme coin - #ShibaInu - continues to remove a significant amount of coins from circulation. The data shows that the burning rate has increased by almost 500% in the last 24 hours and by 193% on a weekly scale. This resulted in the destruction of more than 774 million SHIB assets.
The ultimate goal of the program is to reduce the enormous supply of the coin and make it less and potentially more valuable in the future. April March saw the burn rate increase by 50,000% at one point, while the amount of tokens removed from circulation during March exceeded 15.5 billion (a 2,300% increase compared to the figure observed in February).
Despite these efforts, the price of Shiba Inu has fallen by 8% in the last 24 hours and by 25% in a week (according to Coingecko's data). The downtrend coincides with a broader market decline, with Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE) and many other cryptocurrencies plunging of late.
The Role of Shibarium
Another important element that may positively affect the value of shib in the future is the development of Shibarium, a layer-2 scaling solution. The network has experienced a significant revival over the past few days, with the number of daily transactions and active accounts going north.
Officially introduced last summer, the feature is designed to stimulate the development of the meme token by reducing transaction costs, increasing speed and increasing scalability.
