Shiba Inu (SHIB) Burn Rate Skyrockets by 20,000%: What Does it Mean for the Price?

TL;DR 

• Massive Increase in SHIB Burn Rate: Shiba Inu’s token burn rate has surged by approximately 20,000% in the last 24 hours, leading to the removal of over 260 million tokens, a record high in two months.
• Burning Program for Value: Around 41% of Shiba Inu’s original 999 trillion total supply has been burned, aiming to enhance the coin’s scarcity and value.
• Shibarium’s Influence: The advancement of Shiba Inu’s layer-2 blockchain solution, Shibarium, is seen as a potential factor for future SHIB price increases, with significant network activity milestones achieved.

SHIB Burn Rate on the Rise Again

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.

Could Shibarium Play a Role?

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: