TL;DR
The popular meme coin – Shiba Inu (SHIB) – witnessed another significant burn rate. Latest data shows that it exploded by almost 50,000% in the last 24 hours, resulting in over 87 million tokens destroyed.
The burning rate spiked once again at the start of the week, while the total assets removed from circulation throughout March surpassed the 15.5 billion mark (a 2,300% increase compared to the figures observed in February).
Shiba Inu adopted the burning program with the ultimate goal of reducing the maximum supply of 999,982,362,289,250 SHIB tokens, making them scarcer and potentially more valuable in the future.
Currently, the meme coin trades at approximately $0.00002798, a 5% surge on a weekly scale. Numerous analysts, including Rekt Capital and Jake Gagain, believe the asset has much more room for growth.
The former envisioned a triple-digit price rally should SHIB surpass major resistance level, while the latter thinks “fading” the token “is a major mistake.”
Another factor that could contribute to a bull run is the development of the layer-2 blockchain solution Shibarium. The network, which aims to elevate SHIB above its rivals in the meme coin realm by lowering transaction costs and improving speed, has blasted through countless milestones in the past few months.
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