Despite recent challenges in the cryptocurrency market, Shiba Inu (SHIB) has seen a significant rise in token burning efforts within its community. The Shiba Inu community has intensified its token burning activities, resulting in a remarkable increase in the burning rate.

Shiba Inu’s Token Burning Rate Surges

Shiba Inu's SHIB token burning rate has experienced a substantial increase, with over 774 million SHIB burned in the past week, marking a nearly 200% surge. Data from Shibburn shows that the total burning rate surged by 193.39% in the last week alone, reaching 774.13 million SHIB. Additionally, the token burning rate spiked by 489.87% in the last 24 hours, totaling 19.34 million tokens burned. These activities have sparked discussions about the potential impact on SHIB's price amid the ongoing market downturn.

Notably, the largest token burning transactions in the last 24 hours amounted to 650 million, 61.9 million, and 25.85 million SHIB, respectively. Overall, 410.72 trillion SHIB has been burned since the token's inception, showcasing the community's dedication to reducing the token's circulation. Despite the significant increase in burning rates, the current circulating supply of SHIB remains at 582.80 trillion.

The purpose of implementing the token burning mechanism is to decrease the circulating supply and enhance the network's value, leading to heightened speculation within the cryptocurrency sphere, particularly in the memecoin sector. Through active participation in token burns, the Shiba Inu community aims to generate scarcity and elevate SHIB's long-term value, setting itself apart from traditional inflationary models.

Shibarium Shows Positive Growth

Apart from the increased token burning activity, Shibarium, the Layer 2 network supporting the Shiba Inu ecosystem, has witnessed a substantial uptick with daily transactions nearing one million.

Presently, Shibarium's total daily transaction count has reached 958.44 thousand, showcasing significant growth from the 7.06 thousand transactions reported earlier in April. This rise reflects growing investor interest and confidence in the Shiba Inu ecosystem, indicating potential for further expansion and adoption in the future.

Despite the uptrends in token burning rates and daily transactions on Shibarium, SHIB's price has declined by 7.46% in the past 24 hours, trading at $0.00002159. Additionally, the transaction volume in the last 24 hours has dipped by 11.83% to $949.24 million. Data reveals a decrease of about 25% in the altcoin's price over the previous seven days.