Shiba Inu (SHIB) Sees Remarkable 4,000% Surge in Key Metric: Impact on Cryptocurrency’s Market Value Explored

• Shiba Inu’s burn rate has seen a significant increase, leading to the removal of millions of tokens daily in an effort to reduce supply and increase value.
• Shibarium, Shiba Inu’s layer-2 scaling solution, is undergoing development and upgrades to improve speed, scalability, and transaction fees, potentially contributing to SHIB’s recent price increase.

Shiba Inu’s burn rate skyrockets and Shibarium development advances, potentially contributing to SHIB’s recent price increase.

SHIB Burn Rate Soars

The popular meme coin, Shiba Inu, has seen a substantial increase in its burn rate. Data indicates a rise of over 4,000% in the past 24 hours, leading to the removal of over 81 million tokens from circulation. The program has been successful, with nearly 1.7 billion SHIB assets destroyed in April. The goal is to reduce the coin’s vast supply, making it scarcer and potentially more valuable in the future. SHIB’s price has increased by 6% weekly and over 150% since May last year, with a market capitalization nearing $15 billion.