This Shiba Inu Metric Explodes by Almost 20,000%, SHIB Rally Incoming?
TL;DR
- Shiba Inu has seen a dramatic increase in its burn rate, with over 173 million tokens recently removed, building on the previous month’s burn of nearly 1.5 billion tokens.
- The burn strategy is aimed at reducing SHIB’s supply to potentially enhance its value, coinciding with the cryptocurrency’s recent price uptick of 9% in two weeks and 15% over a month.
- The development of Shibarium, a layer-2 blockchain solution, could also positively influence SHIB’s price, recently surpassing 1.5 million blocks, indicating significant progress.
Shiba Inu’s Impressive Burn Rate
The popular memecoin – Shiba Inu – continues to witness a substantial amount of tokens removed from its total circulation. According to data provided by Shibburn, the burn rate for the past 24 hours has skyrocketed by over 19,000%. Precisely, more than 173 million SHIB tokens were sent to an address that nobody could access.
The memecoin project saw a significant figure burned in October, too. As CryptoPotato reported, almost 1.5 billion tokens were destroyed throughout the previous month. The record day was October 28, when more than 250 million SHIB were removed from circulation.
The burning program aims to make SHIB more scarce and potentially more valuable in time. As such, its successful execution could be considered a bullish factor that might contribute to a price rally.
The asset has caught the recent green wave in the sector, being up 9% in the past two weeks and 15% on a monthly basis.
Shibarium is Also Worth Observing
Another element that could play a role in a possible SHIB price increase is the advancement of the layer-2 blockchain solution Shibarium. The network, which saw the light of day approximately two months ago, aims to improve the performance of the memecoin and has blasted through several milestones in the past few weeks.
Most recently, the total number of blocks on the network exceeded the 1.5 million mark. Those curious to learn more about Shibarium could do so by watching our video below:
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