Shiba Inu (SHIB), one of the most distinguished memecoins built on the Ethereum Blockchain network, has seen a tremendous increase in its token burn rate, catching the attention of market participants once again. This remarkable rise in the token burn rate comes amid a significant price jump recorded by Shiba Inu, sparking considerable interest among cryptocurrency enthusiasts in a short period. Moreover, a Layer 2 network promoted by Shiba Inu, Shibarium, continues to reach new heights.
SHIB’s Burn Rate Increases by 2274%
According to data compiled by the token burn tracking platform Shibburn, the burn rate of the network’s token increased by a whopping 2274% on January 5, 2024, within the last 24 hours. With this increase, a total of 5.20 million SHIB tokens were burned and removed from circulation.
In particular, 4 million SHIB tokens were burned in three notable transactions. A wallet address starting with 0xa9d… burned 3 million SHIB tokens in two transactions, while another address starting with 0x608… burned 1 million SHIB tokens.
In the midst of the significant increase in SHIB’s burn rate, Shiba Inu’s Layer 2 network Shibarium also recorded significant progress. According to compiled data, the Shibarium network reached 1 million active wallet addresses in just 18 days. At this point, it took some leading Layer 2 networks like Arbitrum and zkSync longer to reach this number. Furthermore, the total number of transactions on the Shibarium network reached 256.08 million, indicating a very high level of interaction between wallet addresses.
The Current State of Shiba Inu
Concurrently, as Shiba Inu progresses, the price of the altcoin also charted an upward trajectory today. Shiba Inu’s SHIB price followed an upward trend over the last 24 hours and the altcoin’s price increased by 1.92%, reaching $0.00009847. Additionally, its market value saw a notable increase of 1.87%, currently standing at $5.80 billion. However, the memecoin’s weekly chart indicates a 6.65% decline.
Market experts and analysts indicate that the increase in Shiba Inu’s token burn rate and the growth of Shibarium have sparked interest in the memecoin among market participants.
