Shiba Inu, the popular meme coin, has experienced a notable increase in its burn rate. Over the past 24 hours, approximately 92% more Shiba Inu tokens were burned, totaling over 46 million SHIB coins. This burn accounts for more than 41% of the massive total supply, which stands at 999,992,188,828,143 SHIB.
Shiba Inu, like other cryptocurrencies such as Binance Coin, has implemented a burning mechanism to reduce its circulating supply, potentially increasing its scarcity and value over time.
Shibarium’s Milestone Achievement
Earlier this week, Shiba Inu’s layer-2 scaling solution, known as Shibarium, reached a significant milestone by surpassing one million blocks. Since its launch less than two months ago, Shibarium has attracted an impressive 1.25 million wallet addresses.
Experts have expressed optimism about Shibarium’s continued development and the success of Shiba Inu’s burning program, seeing these as potential catalysts for an increase in SHIB’s price.
Shiba Inu (SHIB) Price Decline Despite Developments
Despite the substantial increase in burn rate and the achievements of Shibarium, Shiba Inu’s price has declined by more than 5% over the past week. This downward trend has left the meme coin trading in the red, raising questions about the coin’s ability to translate its technical advancements into price gains.