Shiba Inu, a cryptocurrency token, experienced a remarkable surge in burn rate, with 1.729 million tokens destroyed within a 24-hour period, marking a substantial increase of 5,975.13%. This surge in burn rate highlights the concerted effort of the Shiba Inu community to decrease the circulating supply of tokens, potentially leading to increased scarcity and value. Over the past week, the burn rate has risen by 17.17%, resulting in the destruction of 38,884,384 SHIB tokens.
In terms of trading, SHIB is currently valued at approximately $0.00001478, showing a slight increase of 0.34% in the last 24 hours. The token maintains an active trading volume of $186.92 million per day. Despite this, the trading volume accounts for only about 2.11% of the overall SHIB market cap, which stands at around $8.7 billion.
Furthermore, Shibarium, the Layer 2 solution within the Shiba Inu ecosystem, has experienced a significant surge in activity. Daily transactions on the Shibarium network have risen by 70%, indicating a renewed interest in utilizing the ecosystem’s capabilities. The total value locked (TVL) in Shibarium has already reached $1.2 million, demonstrating a growing confidence and investment in the network. Moreover, the number of Shibarium wallet addresses has reached an impressive 1.816 million, showcasing the rapid adoption and importance of Shibarium in strengthening Shiba Inu’s position in the broader cryptocurrency market.
In other news, Coinbase has classified Shiba Inu (SHIB) as a currency, recognizing its potential to serve as a medium of exchange or a store of value.