Shiba Inu: Burn Rate Soars 4,000%, Shibarium Hits 150 Million Transactions

Shiba Inu's ShibaSwap: Unveiling Exciting Developments

Shiba Inu (SHIB) token witnessed a staggering surge in burn rate, skyrocketing by 4,000% over the past week. This remarkable increase led to the burning of over 8.6 billion SHIB from circulation. This signals an effort to boost its scarcity and potential value. 

According to the reports from Shibburn, SHIB burn tracker, the total SHIB burnt in the past seven days is over 8 billion tokens. Despite the substantial burn rate surge, SHIB’s market price experienced only a marginal 2% decline in the last 24 hours. According to CoinGecko, it basically shows a noteworthy 9% gain for the week.

The burning mechanism, executed by sending SHIB to an inaccessible address, is designed to reduce the overall circulating supply of the token. This will enhance its scarcity and long-term value. The latest developments highlight Shiba Inu’s continuous efforts to strengthen its position in the ever-evolving cryptocurrency space.

Shiba Inu: Shibarium Hits Milestones: Catalyst for SHIB Price Rally?

Shiba Inu’s Shibarium is the layer-2 blockchain solution launched in August. So far, it has achieved significant milestones. It has total blocks surpassing 2 million and is approaching 150 million transactions. 

Furthermore, analysts suggest that the ongoing development of Shibarium may serve as a potential catalyst for a price rally in the SHIB token. The progress of Shibarium continues, and this shows its mission to enhance Shiba Inu’s standing in the meme coin market.

Besides, Shibarium is strategically designed to bolster Shiba Inu’s competitiveness in the meme coin market by addressing key aspects. These essential aspects include lowering transaction fees and improving transaction speed. 

One of the interesting features of Shibarium is its ability to bridge the gap between Web2 and Web3 technologies. By so doing, it provides users with more cost-effective and expeditious transactions.

Read Also: Shiba Inu Unveils Innovative Shibarium Burn Strategy 

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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