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Shiba Inu, an Ethereum-based memecoin, started the day with a significant price increase, once again grabbing attention in the crypto world. However, despite the price surge, it was observed that the burn rate of the altcoin dropped to double digits.
Major Decrease in Shiba Inu’s Burn Rate
According to the latest data provided by Shibburn, the burn rate of SHIB decreased by 62.21% in the last 24 hours. Despite this decrease, over 46.14 million SHIB tokens were burned in the past 24 hours, but the burn rate fell below the previous day’s rate.
As a result of Shiba Inu’s efforts in the SHIB tokenomics, more than 410 trillion SHIB tokens have been burned since the initial supply. The token burn strategy in Shiba Inu aims to create scarcity by increasing the value of the remaining tokens. It aims to reduce possible inflationary effects based on token issuance or distribution by reducing the circulating supply.
SHIB Burns and Shibarium
At the time of writing, SHIB is trading at $0.000009052, representing an approximately 15% increase in the past 24 hours. The trading volume of SHIB has also reached $418.1 million in the last 24 hours, showing a 48% increase.
The recent price surge in the altcoin seems to be in line with the massive SHIB burns carried out recently, representing a significant decrease in the circulating SHIB supply. Data reveals that over 361.81 million SHIB tokens have been burned and removed from circulation in the past 7 days.
On the other hand, the latest data provided by ShibariumScan, a tool used to analyze EVM-based blockchains, indicates a significant decrease in activity on the Shiba Inu Layer 2 network Shibarium. The number of blocks created on the network has decreased by 38% at the time of writing.
Market observers and experts evaluate that if the price of SHIB continues to rise, it may encourage crypto investors and enthusiasts to turn their attention towards Shiba Inu and Shibarium.
