Ethereum (ETH) based leading memecoin Shiba Inu (SHIB) has once again recorded a significant increase in its token burning rate, drawing the attention of the cryptocurrency world. The platform that tracks SHIB burns, Shibburn, indicates that the recent SHIB burns have increased in parallel with the rise in on-chain activity.
Token Burns in Shiba Inu Continue to Rise
Throughout the week, the significant strides seen in Shiba Inu have attracted the interest of many cryptocurrency traders and investors. Initially, the continuous increases in the SHIB burn rate gathered notable interest. The SHIB burn rate first increased by 232.85%, then by 459%, and most recently by an astonishing 4,250.91%, capturing the attention of the broader cryptocurrency market. In parallel, 410.70 trillion SHIB tokens have been burned and removed from circulation to date.
The trend of token burns for Shiba Inu continues to move in an upward trajectory, with Shibarium, a Shiba Inu-supported Layer 2 network, also reaching new heights. Although daily transactions on the network remain at a relatively low level, the total number of transactions has reached 308.07 million, indicating a significant increase in on-chain activity within Shibarium.
Moreover, whale transactions for Shiba Inu have also been increasing throughout the week. In particular, the movement of approximately 4 trillion SHIB at the beginning of the week caught the attention of cryptocurrency enthusiasts.
The Current State of SHIB’s Price
The price chart of Shiba Inu shows a limited decline of 0.40% in the last 24 hours, currently trading at $0.000008901. Additionally, there is a 5.57% decrease on the weekly chart and a 17.43% decrease on the monthly chart.
Interestingly, this price drop is occurring despite the recent tremendous increase in the memecoin’s on-chain side. Nevertheless, Shiba Inu investors are expecting a rise in price due to both the continued increase in token burns and the growing on-chain activity.