Shiba Inu, one of the most popular memecoins in the cryptocurrency market, saw a tremendous increase in its token burn rate today. Following the continuous record-breaking progress of Shiba Inu’s Layer 2 network Shibarium, the burn rate continues to rise. Market observers expect this to lead to increased investor interest in SHIB.
As Shibarium Network Usage Grows, SHIB Burn Rate Increases
According to data provided by Shibburn, a platform that provides information on SHIB burns, Shiba Inu’s burn rate has increased by 421% in the last 24 hours. Moreover, the Shiba Inu community has burned 5.31 million SHIB tokens in the past day, removing them from circulation. Additionally, the total number of tokens burned from Shiba Inu’s initial supply has reached 410.68 trillion.
Among the SHIB burns recorded in the last 24 hours, two significant transactions stood out. A total of 2.77 million SHIB tokens were burned in these two transactions. In addition, Shibarium, the Layer 2 network developed by Shiba Inu developers, also recorded significant advancements. The daily transaction count on the network is approaching 7 million, and SHIB’s tokenomics continue to evolve positively.
Current Shiba Inu Price Situation
According to data provided by the crypto data and price platform CoinMarketCap, SHIB has seen an increase of 1.19% in the last 24 hours, trading at $0.00001031. The data shows that the altcoin’s price has increased by 2.78% in the last 7 days and 23.86% in the last 30 days.
However, despite a 9.85% increase in market value over the last 24 hours, the altcoin’s trading volume has decreased by 0.31%. At the time of writing, SHIB is ranked 16th among the largest cryptocurrencies with a market value of 6 billion dollars.
The limited but steady price increase in recent days indicates that SHIB has reached a point of trust among traders and investors in the cryptocurrency world. This is particularly supported by the progress of Shibarium and the data provided by Shibburn. All these factors are fueling expectations of a strong rally in the altcoin among traders and investors.
