TL;DR
- Shiba Inu has seen a dramatic increase in its burn rate, with over 173 million tokens recently removed, building on the previous month’s burn of nearly 1.5 billion tokens.
- The burn strategy is aimed at reducing SHIB’s supply to potentially enhance its value, coinciding with the cryptocurrency’s recent price uptick of 9% in two weeks and 15% over a month.
- The development of Shibarium, a layer-2 blockchain solution, could also positively influence SHIB’s price, recently surpassing 1.5 million blocks, indicating significant progress.
Shiba Inu’s Impressive Burn Rate
The popular memecoin – Shiba Inu – continues to witness a substantial amount of tokens removed from its total circulation. According to data provided by Shibburn, the burn rate for the past 24 hours has skyrocketed by over 19,000%. Precisely, more than 173 million SHIB tokens were sent to an address that nobody could access.
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