TL;DR
According to Shibburn, the popular memecoin Shiba Inu saw over 1.4 billion assets destroyed throughout the previous month. The record day was October 28, when more than 250 million SHIB were sent to an address that nobody could access.
Despite the impressive numbers, last month’s burn rate was actually 37% lower than the one observed in September.
The successful execution of the program has been viewed as a bullish factor that could propel a price rally for Shiba Inu’s native token. SHIB has spiked approximately 5% in the last seven days and 12% on a two-week basis (per CoinGecko).
Another element that might act as a catalyst for SHIB’s price increase could be the further advancement of the layer-2 scaling solution Shibarium. The network saw the light of day approximately two months ago and has already blasted through several important milestones.
As CryptoPotato reported, total transactions have surpassed 3.5 million, whereas wallet addresses are inching towards 1.3 million. More information about Shibarium’s purposes and specifics can be found in the video below: