tl;dr
Shiba Inu, the popular meme coin, experienced a substantial increase in its burning rate, resulting in over 51 million tokens being destroyed, representing approximately 30% of the assets sent to a null address in the last seven days. This burning mechanism aims to make the meme coin scarcer and pot...
Shiba Inu, the popular meme coin, experienced a substantial increase in its burning rate, resulting in over 51 million tokens being destroyed, representing approximately 30% of the assets sent to a null address in the last seven days. This burning mechanism aims to make the meme coin scarcer and potentially more valuable over time. Additionally, SHIB's price has risen by 17% in the last week, possibly due to factors such as the further advancement of Shibarium, a layer-2 scaling solution designed to foster the growth and development of the Shiba Inu ecosystem.
The burning rate of Shiba Inu has seen a significant increase, soaring by 1,200% in the past 24 hours, resulting in the destruction of over 51 million assets, approximately 30% of all assets sent to a null address over the last seven days. The meme coin has a maximum supply of 999,982,363,413,352 tokens, and the burning mechanism is aimed at making the coin scarcer and potentially more valuable over time. The burning process includes manual and automatic burns, with new automated features introduced by the Shiba Inu team. In addition to the burning rate increase, SHIB's price has risen by 17% in the last week, possibly due to the advancement of Shibarium, a layer-2 scaling solution designed to foster the growth and development of the Shiba Inu ecosystem.
Shibarium, having launched in August last year, continues to blast through important milestones, with the total transactions on the network exceeding the 400 million mark and total blocks just south of 4 million. The layer-2 scaling solution is designed to reduce transaction fees and improve speed in order to foster the growth and development of the Shiba Inu ecosystem, potentially elevating the meme coin above its rivals.
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