The burn rate of Shiba Inu has experienced a significant surge of 310%, resulting in 12.70 million SHIB tokens being eliminated from circulation. This development has the potential to pave the way for a recovery in the market value of SHIB.
Shiba Inu continues to make impressive progress in the world of cryptocurrency. A recent update from CNF highlighted a notable increase in the burn rate of Shiba Inu tokens. On May 22nd, an astonishing 12.70 million SHIB tokens were permanently removed from circulation. This strategic reduction has generated considerable optimism about the potential rise in value of this popular memecoin.
Coin Market Cap’s latest updates reveal that Shiba Inu and its layer-2 solution, Shibarium, are achieving significant milestones. Shibarium, launched in August last year, has processed over five million blocks, demonstrating its growing presence in the digital finance world.
Recent advancements include Shibarium processing over 417 million transactions and surpassing 1.8 million unique wallet addresses. These figures highlight the increasing utility and adoption of Shibarium in the crypto ecosystem.
A recent update introduced significant improvements to Shibarium’s user interface, making it faster and more accessible. This upgrade has enhanced compatibility with widely-used self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet, greatly improving the user experience.
In addition to the updates to Shibarium, a recent hard fork aimed at improving developer support and transaction processing has resulted in a dramatic 350% increase in SHIB’s burn rate, removing nearly 10 million tokens from the market. This aggressive token burn is expected to decrease the supply and potentially increase SHIB’s price, aligning with the overall upward trends observed in the meme coin sector.
Currently, SHIB is trading at $0.00002577, showing a slight decrease of 1.74% in the past day but a 7.84% increase over the past week. This pricing trend, combined with strategic improvements and market activities, indicates a positive outlook for the recovery of SHIB’s value. For more detailed metrics and live updates, please refer to the chart below.