Shiba Inu (SHIB) has a promising burn rate today, which is unusually high compared to previous records for similar metrics. According to Shibburn, as of this writing, the SHIB burn rate has surged to 170%, with a total of more than 98 million tokens sent to dead wallets.
The SHIB burn rate metric has not caused much controversy. The increase shows that despite the overall bearish price outlook, there is still strong ongoing activity on the network. According to Shibburn data, the highest single burn was recorded at 19,690,401. Unusually, no one wallet has a monopoly on the burn, which shows the memecoin's efforts to be more decentralized in its deflationary agenda.
As of writing, the Shiba Inu price is $0.000009139, having fallen 4.85% in the past 24 hours after an impressive weekend of positive growth. However, when compared to the week-to-date (WTD) price outlook, SHIB’s bearish price outlook is negated, with the token maintaining a total growth rate of 9.38%.
Heralding a New Era Shiba Inu investors, developers, and market observers as a whole may be preparing to experience an acceleration in the rate at which SHIB tokens are burned, thanks to the imminent launch of the Shibarium Layer 2 protocol.
As confirmed by the ecosystem’s lead developer Shytoshi Kusama, Shibarium is set to launch in the middle of this month and will be featured at the upcoming Blockchain Futurist Conference. The launch of Shibarium will strengthen trading activity in the wider Shiba Inu ecosystem, a move that will result in a portion of transaction costs in SHIB tokens being sent to dead wallets. Shibarium is a gateway to more ambitious increases in price and other important protocol metrics.
