Shiba Inu Witnesses Surge in Burn Rate, Removing Over 369 Million SHIB from Circulation
The popular memecoin Shiba Inu continues to experience a significant reduction in its circulating supply. According to Shibburn, the asset’s burn rate has skyrocketed by over 7,400% in the past 24 hours, resulting in more than 369 million SHIB being sent to an inaccessible address. In the last week alone, over 630 million SHIB have been removed from circulation.
The burning program implemented by Shiba Inu aims to decrease the overall supply of the token, potentially increasing its scarcity and value. As a result, the price of SHIB has been on the rise, with a weekly increase of over 12%.
Several factors contribute to this upward trend. The overall bullish sentiment in the crypto industry and the progress of Shibarium, Shiba Inu’s layer-2 scaling solution, play a significant role. Shibarium officially launched at the end of August and has quickly gained attention within the community. The platform has already facilitated over 3.5 million transactions and generated 1.3 million blocks.
To learn more about the network’s purposes and specifics, you can watch the video below:
It is important to note that the burning program and the advancements of Shibarium are not the only factors contributing to the rise in SHIB’s value. The overall bullish sentiment in the crypto industry also plays a significant role.
Sources:
– Shibburn: https://cryptopotato.com/massive-7000-jump-in-this-shiba-inu-shib-metric-bull-market-incoming/
– CryptoPotato: https://cryptopotato.com/massive-7000-jump-in-this-shiba-inu-shib-metric-bull-market-incoming/
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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