TL;DR
The popular memecoin – Shiba Inu – has once again witnessed a substantial amount of tokens removed from its circulating supply. According to latest data, the burn rate has spiked by approximately 20,000% in the past 24 hours, resulting in over 260 million assets sent to an address that nobody could access.
It is worth noting that this has marked a record in the last two months. The second-best day was October 28, when more than 250 million SHIB were destroyed.
Shiba Inu has a tremendous total supply of 999 trillion assets, with around 41% of those already removed from circulation. The burning program adopted by the memecoin project aims to make the coin more scarce and potentially more valuable in time.
Despite the impressive rate in the past 24 hours, SHIB has failed to record any substantial gains. Its price has consolidated at its yesterday’s figure and is 5% down on a weekly basis.
Some experts and analysts have suggested that the further advancement of Shiba Inu’s layer-2 blockchain solution – Shibarium – could also influence a SHIB price increase.
The network officially went live in August and blasted through several milestones since then. As CryptoPotato recently reported, total transactions surpassed the 4 million mark, while the number of total blocks is inching toward 2 million.
Those curious to learn about Shibarium’s purposes and specifics could take a look at our dedicated video below: