The meme-based cryptocurrency, Shiba Inu ($SHIB), has taken the crypto space by storm as its burn rate surged an astonishing 940% in just 24 hours. This dramatic increase means that 164 million of the massive SHIB tokens have effectively reached their end, resulting in a real reduction in the circulating supply.
Interestingly, this surge in burn rate is not isolated. It coincides with increased activity in Shiba Inu’s Layer 2 scaling solution, Shibarium. The network has recently witnessed a surge in transaction activity, reaching an all-time high shortly after its return to the internet.
Shibariumscan, the preferred explorer for the Shibarium network, presents numbers that tell a remarkable story. Shibarium has already surpassed the two-million transaction mark this month and currently records 3.2 million transactions. Furthermore, the network has processed over 860,000 blocks.
Despite the strong community-driven burn of SHIB tokens, the cryptocurrency has not seen the expected price increase. However, some market observers believe that with the growing adoption of SHIB, its price may follow suit. On this front, the Shiba Inu team is tirelessly working on partnerships to enhance SHIB’s real-world utility. Until then, the volatility of the cryptocurrency market means that nothing is certain.
