TL;DR
- Shiba Inu’s SHIB token burning rate increased significantly by about 500% in the last 24 hours, as part of efforts to decrease its supply and enhance value.
- The rise in SHIB’s price by 7% can be attributed to this increased activity, the general uplift in the cryptocurrency market, and other factors.
The second-largest meme coin – Shiba Inu (SHIB) – has once again witnessed a substantial resurgence in its burning program. Data shows that the burn rate has soared by approximately 500% in the last 24 hours, resulting in over 30 million tokens destroyed.
The mechanism aims to reduce the tremendous supply of SHIB and make the asset scarcer and more valuable in time.
The program is rather complicated and includes both manual and automatic burns. Earlier this year, the team behind the project introduced “a transformative token mechanism” to automate the entire system.
The latest spike in the burn rate might be one reason why the meme coin’s price is up 7% on a daily scale. Other factors that could have contributed to the rally include the revival of the cryptocurrency market and the further advancement of the layer-2 scaling solution Shibarium.
As CryptoPotato reported, daily transactions on the network have jumped by 800% today (March 21). Wallet addresses are inching toward 1.4 million, whereas total blocks surpassed the 3.7 million mark.
Shibarium officially launched in August last year. It is designed to provide a scalable, efficient, and low-cost transaction environment for SHIB transactions and decentralized applications (dApps) within the Shiba Inu ecosystem.
If you are interested in learning more about the feature, feel free to take a look at our dedicated video below:
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