Is a Shiba Inu (SHIB) Bull Market in the Making? Burn Rate Explodes Overnight

TL;DR

• Shiba Inu Burn Rate Surge: Shiba Inu’s burn rate has skyrocketed by about 52,000% in the last 24 hours, with 12.4 million tokens being permanently removed from circulation.
• Significant Token Destruction: 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.
• Shibarium’s Development: 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.

Another SHIB Burn Rate Spike

Shiba Inu – one of the most popular memecoins and the second biggest by market capitalization after Dogecoin (DOGE) – continues to see a significant amount of assets removed from its circulating supply.

According to recent data, the burn rate has exploded by almost 52,000% in the past 24 hours, resulting in 12.4 million tokens sent to an address that nobody could access. 

Shiba Inu has a tremendous maximum supply of 999,982,443,841,584 assets. However, more than 40% of those have already been destroyed. 

The team behind the memecoin project has adopted the program in an attempt to make SHIB more scarce and potentially more valuable in time. Despite its recent decline, the coin’s price has spiked by 10% in the past 30 days (per CoinGecko’s data). 

Shibarium’s Progress

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. 

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Those curious to find out more about the L2 scaling solution, its goals, purposes, and specifics could take a look at our video below: