In the last seven days, Shiba Inu has experienced a remarkable surge in its burn rate, witnessing a staggering 4,000% increase. This surge has led to the removal of more than 8.6 billion SHIB tokens from circulation, a strategic move aimed at potentially enhancing the cryptocurrency's scarcity and, subsequently, its market value. Despite this substantial increase in burn rate, the price of SHIB has only experienced a modest change, with a 2% decrease observed over the past 24 hours, offset by a noteworthy 9% gain over the week.
Simultaneously, Shiba Inu's layer-2 solution, known as Shibarium, has achieved significant milestones, surpassing 2 million blocks and facilitating close to 150 million transactions. This noteworthy development is expected to bolster the competitiveness of the memecoin by providing users with lower fees and faster transaction processing times. The overarching objective of Shibarium is to position Shiba Inu as a frontrunner in the memecoin sector by addressing key concerns related to transaction costs and transaction speed. As Shiba Inu continues to innovate and make strides in scalability and efficiency, it remains to be seen how these advancements will further impact its position in the broader cryptocurrency market.
