Leading memecoin Shiba Inu (SHIB), operating on the Ethereum Blockchain, is once again in the spotlight with a strong increase in token burn rate following a general market upswing. According to Shibburn, a platform that tracks token burns for Shiba Inu, 7.64 million SHIB tokens were burned in the last 24 hours, removing them from circulation and boosting the altcoin’s token burn rate to 191.69%.
SHIB Burns Continue
According to data provided by Shibburn, out of the total supply of 999.98 trillion Shiba Inu tokens, 410.70 trillion SHIB have been burned and removed from circulation as of the time of writing. Additionally, two significant burn transactions that took place today are largely responsible for the recorded increase in the token burn rate.
A wallet address starting with 0xa9d1e08c7793af6… burned 4.01 million SHIB, and another starting with the same characters burned 3.60 million SHIB by transferring them to a dead wallet address, effectively removing them from circulation. These two transactions significantly contributed to the increase in the token burn rate. Transfers to dead wallet addresses reduce the circulating supply of Shiba Inu, which coincided with today’s price increase in SHIB, sparking considerable curiosity among crypto market traders and investors.
Furthermore, the Layer 2 network of Shiba Inu, known as Shibarium, saw a substantial increase in activity with a total of 340.57 million transactions being processed at the time of writing. The recent integration of LSD (Liquid Staking Derivative) K9 Finance also seems to be attracting the attention of participants in the cryptocurrency market.
Interestingly, expansion plans for Marswap (a DEX on Shiba Inu’s L2 Shibarium) on Shibarium are supporting the recovery of the Ethereum-based memecoin and increasing optimism for the altcoin.
Shiba Inu’s Price on the Rise
The price of Shiba Inu’s SHIB has increased by 2.75% in the last 24 hours, currently trading at $0.000009317. In the same period, its trading volume and market value also rose by 74.47% and 2.72%, respectively.
As seen with today’s increase in the token burn rate, Shiba Inu’s strategy of burning circulating tokens is part of an effort to enhance SHIB’s tokenomics, and it is expected to boost the altcoin’s price in the medium to long term.
