According to CryptoPotato, Shiba Inu's burn rate has surged by approximately 52,000% in the last 24 hours, with 12.4 million tokens being permanently removed from circulation. Over 40% of Shiba Inu's massive supply has been destroyed as part of a strategy to increase scarcity and potentially enhance value, contributing to a 10% price rise in the past month.
The layer-2 blockchain solution Shibarium has achieved significant milestones, including over 4 million transactions and nearly 1.8 million blocks, with wallet addresses surpassing 1.2 million. Shiba Inu, one of the most popular memecoins and the second biggest by market capitalization after Dogecoin, continues to see a significant amount of assets removed from its circulating supply. The team behind the memecoin project has adopted the program in an attempt to make SHIB more scarce and potentially more valuable in time.
Another factor that might benefit the price of Shiba Inu is the further development of the layer-2 blockchain solution – Shibarium. The network has blasted through multiple milestones since its official launch in August. Most recently, the number of total transactions surpassed the 4 million mark. In addition, Shibarium’s total blocks are close to 1.8 million, whereas wallet addresses exceeded 1.2 million.
