Shiba Inu (SHIB) burn rate experienced an extraordinary surge, increasing by 420% in the last 24 hours.
Shibburn, a leading SHIB token burn tracker, reported 5.3 million SHIB burned across six transactions during this period. This surge, which reached a burn rate of 421.41%, has sparked interest in the SHIB community.
As a result, the price of Shiba Inu increased marginally, rising by 1% to $0.00001038 at the time of reporting. The meme coin has gained nearly 25.3% in the last month, fueling speculation of further gains.
The increased activity in token burns indicates that SHIB holders are taking part in reducing the circulating supply.
Burning SHIB tokens, according to the tokenomics model established by SHIB’s pseudonymous creator, Ryoshi, contributes to scarcity, thereby supporting price discovery.
Aside from the increase in token burns, the Shiba Inu team highlighted another significant accomplishment. Shibarium, Shiba Inu’s highly anticipated layer-2 solution, has recorded over 150 million transactions to date.
Shibarium aims to unlock the full potential of the SHIB token by enabling faster and more cost-effective transactions.
Shiba Inu has quickly risen to prominence in the crypto world, amassing a massive social media following known as the “Shib Army.”
However, concerns about high volatility and criticisms about real-world utility have cast doubt on its long-term viability.
The recent increase in burn activity and the Shibarium ecosystem’s achievement of a milestone provides some reassurance, addressing some community concerns.