Critical Shiba Inu (SHIB) Metric Skyrockets by 1,300%, Could It Propel Price Rally?

TL;DR

• Shiba Inu Token Burn: Shiba Inu memecoin’s burn rate soared by over 1,300% in 24 hours, destroying over 105 million tokens to potentially increase scarcity and value.
• Price Uptrend: SHIB’s price increased by 12% in two weeks and 25% monthly, overtaking Bitcoin Cash in market capitalization and entering the top 20 cryptocurrencies.
• Shibarium’s Impact: The launch and progress of Shibarium, a layer-2 blockchain solution, may be contributing to SHIB’s recent price rally, marked by significant network activity.

Another Surge of SHIB Burn Rate

The popular memecoin – Shiba Inu – continues to witness a substantial amount of tokens sent to an address that nobody could access. According to data presented by Shibburn, the burn rate has exploded by over 1,300% in the past 24 hours, resulting in more than 105 million assets being “destroyed.”

The program aims to reduce the total supply of SHIB, thus making it more scarce and potentially more valuable in the future. 

As CryptoPotato previously reported, the memecoin burned approximately 1.4 billion tokens throughout October. The record day was October 28, when more than 250 million SHIB were removed from circulation.

SHIB’s price has been on an uptrend lately, spiking by 12% for the past two weeks and 25% on a monthly basis. It also outpaced Bitcoin Cash (BCH) in terms of market capitalization, sitting among the top 20 largest cryptocurrencies.

Shibarium’s Role in the Ascend?

Another factor that might be contributing to SHIB’s recent rally could be the advancement of the layer-2 blockchain solution Shibarium. The network officially went live at the end of August and blasted through several milestones since then.

The number of total blocks on the network surpassed 1.5 million, while total transactions are inching toward 4 million. Those curious to find out more about Shibarium’s purposes and specifics could take a look at the video below: