Shiba Inu Burn Rate Explodes 3,000% But the SHIB Price Corrects

TL;DR

• Shiba Inu experienced a substantial increase in its token burn rate, but its price continues to decline.
• Shibarium saw a rise in daily transactions, signaling growth in the meme coin’s ecosystem.

Burn Rate Goes Through the Roof

The popular meme coin – Shiba Inu – witnessed a burn rate increase of nearly 3,000% in the past 24 hours, resulting in over 30 million tokens being removed from circulation.

The program aims to reduce the circulating supply of SHIB, making it scarcer and potentially more valuable. Since the beginning of 2024, the meme coin saw more than 9 billion assets destroyed (approximately 10% of the amount burned throughout the entire 2023).

However, SHIB’s price has been downsliding lately, resonating with the broader market correction. According to CoinGecko’s data, it has dropped by 1% in the past 24 hours and 7% on a weekly basis.

Shibarium’s Resurgence

The layer-2 blockchain solution – Shibarium – has also experienced an uptick, with daily transactions for January 17 surpassing 2.5 million (a 33% increase from the day before).

The network, which officially went live in August 2023, is designed to foster the growth of the Shiba Inu ecosystem by reducing transaction fees and improving speed.

As CryptoPotato reported, Shibarium has blasted through countless milestones since its launch, such as exceeding 250 million in terms of total transactions. Those willing to learn more about it, feel free to check our dedicated video below: