Shiba Inu (SHIB), one of the most popular memecoins in the cryptocurrency market, has experienced a significant increase in token burn rate following the continuous record-breaking progress of its Layer 2 network, Shibarium. Market observers anticipate that this could lead to increased investor interest in SHIB.
According to Shibburn, a platform that provides data on SHIB burns, the burn rate of Shiba Inu has surged by 421% in the last 24 hours. The Shiba Inu community has removed 5.31 million SHIB tokens from circulation in a single day, contributing to a total of 410.68 trillion SHIB burned since the initial supply.
In the past 24 hours, two major burn transactions stood out, with a total of 2.77 million SHIB tokens being burned. Meanwhile, the Shibarium network, developed by Shiba Inu’s developers, is also witnessing significant advancements, with daily transaction counts nearing 7 million, positively influencing SHIB’s tokenomics.
According to data from the cryptocurrency data and price platform CoinMarketCap, SHIB has seen a 1.19% increase in the last 24 hours, trading at $0.00001031. The data indicates that the altcoin’s price has risen by 2.78% in the last 7 days and 23.86% in the last 30 days.
Despite a 9.85% increase in market value over the last 24 hours, SHIB’s trading volume has decreased by 0.31%. At the time of writing, SHIB holds the 16th position in the list of largest cryptocurrencies with a market value of 6 billion dollars. The recent steady but modest price increase suggests that SHIB is gaining trust among traders and investors in the crypto world, a sentiment bolstered by the progress of Shibarium and data from Shibburn. These factors are fueling expectations of a strong rally for the altcoin among traders and investors.