Ethereum-based memecoin Shiba Inu (SHIB) has once again grabbed the crypto community’s attention with a significant increase in its token burn rate. The platform tracking SHIB burns, Shibburn, indicates a rise in burns corresponding with increased on-chain activity.
The SHIB burn rate has seen remarkable increases, first by 232.85%, then 459%, and most recently by an astonishing 4,250.91%. This surge has drawn the attention of the broader crypto market. Concurrently, over 410.70 trillion SHIB tokens have been burned and removed from circulation to date.
The trend of token burns for Shiba Inu continues to climb, with the Shiba Inu-supported Layer 2 network, Shibarium, reaching new heights. Despite relatively low daily transactions, the total number of transactions has hit 308.07 million, indicating a significant increase in Shibarium’s on-chain activity.
Additionally, whale transactions involving Shiba Inu have increased throughout the week, with approximately 4 trillion SHIB tokens being moved at the start of the week, piquing the interest of crypto enthusiasts.
Despite a 0.40% decrease in SHIB’s price over the last 24 hours, trading at $0.000008901, and a weekly drop of 5.57% and a monthly decline of 17.43%, the memecoin’s price is expected to rise due to the continued increase in token burns and on-chain activity.