The Shiba Inu community is buzzing with excitement as the burn rate for SHIB tokens has skyrocketed by an impressive 300% within the last 24 hours. Data from ShibBurn Wallet Tracker reveals that 899,940 SHIB tokens were burned in just four transactions. This significant event comes at a time when SHIB is recovering from a nearly 9% drop in the past week, and has now seen a 4.26% increase, reaching a market cap of $10.17 billion.
Earlier this month, Shiba Inu recorded a 400% increase in its burn rate, eliminating over 10.92 million tokens from circulation. This continued effort to reduce the circulating supply aims to boost the token's price by creating scarcity.
Shiba Inu's Layer-2 blockchain, Shibarium, is also contributing to the bullish sentiment. Despite transaction fees increasing from 19.31 BONE to 40.14 BONE, Shibarium has experienced a 23% rise in new users and a 450% surge in new accounts. This strategic move is part of a broader plan to use a portion of these fees to purchase and burn SHIB tokens, reducing the supply further.
The increased activity on Shibarium, with daily transactions up by 35.6% to 4,319, suggests growing interest in the platform. As more users and partners join Shibarium, the overall activity in the Shiba Inu ecosystem is expected to rise, potentially leading to more burns and a higher token price.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.