The Shiba Inu (SHIB) community has witnessed an unprecedented surge in the token burn rate, with a staggering 4,200% increase in the past 24 hours. Over 10 million SHIB tokens have been removed from circulation through this initiative, which aims to reduce the circulating supply of SHIB and increase its long-term value. The token burn is facilitated by allocating a percentage of transaction fees to a null address on the Shiba Inu network. This surge in token burn is closely associated with the advancements in Shibarium, the layer-2 blockchain solution designed to improve transaction speed and reduce fees. Shibarium has introduced a transformative token burning mechanism that will undergo testing on Puppynet before being implemented on the Mainnet. These developments signify a turning point for Shiba Inu, positioning it for significant growth in the cryptocurrency landscape [d411fd34] [3e041b1a].
The Shiba Inu (SHIB) community has witnessed a significant surge in the burn rate of the altcoin, with a staggering 3,000% increase in the last 24 hours. Over 30 million SHIB tokens were burned during this period, contributing to the ongoing burn program aimed at reducing the circulating supply of SHIB. Despite the increased burn rate, the price of SHIB has experienced a slight correction, dropping by 1% in the past 24 hours and 7% over the course of the week. This price correction can be attributed to the broader market correction that has affected the cryptocurrency market. However, the community remains optimistic about the strengthening SHIB tokenomics resulting from the increased burn rate. Additionally, Shibarium, the layer-2 blockchain solution designed to foster the growth of the Shiba Inu ecosystem, has seen a 33% increase in daily transactions. Launched in August 2023, Shibarium continues to play a vital role in the development of the project [89ab75b2] [95a12756].
Shytoshi Kusama, the lead of the Shiba Inu team, has been spotted in the Maldives, raising discussion among the SHIB community. Previously, he was seen in New York City, Japan, Hong Kong, Puerto Rico, and various cities in the U.S. The SHIB community speculates that Kusama is on vacation. The burn rate of SHIB has decreased by more than 70% in the last 24 hours, with almost 10 million SHIB burned. The Shibarium blockchain's activity has also dropped significantly [ac2346fe].