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Shiba Inu Token Burn Skyrockets, Fueling Hopes for Market Rebound

A visual representation of Shiba Inu's increased token burn, potentially signaling a market turnaround.

Thu, 18 Apr 2024, 01:47 am UTC

As Shiba Inu's burn rate surges by 500% overnight, surpassing 774 million tokens, market watchers are eyeing a potential rebound despite the broader cryptocurrency downturn. The move is an aggressive strategy to enhance the meme coin's scarcity and value.

Shiba Inu's Strategic Burns and Shibarium Growth Aim to Revitalize Market Value Amid Downturn

The program's ultimate purpose is to lower the coin's massive supply, making it rarer and maybe more valuable in the future.

According to CryptoPotato, the burn rate increased by 50,000% at one point in April, while the number of tokens removed from circulation in March exceeded 15.5 billion (a 2,300% rise over the level observed in February).

Despite these efforts, the price of Shiba Inu has dropped 8% in the previous 24 hours and 25% weekly (via CoinGecko data). Its slump correlates with a broader market decline, with Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and a slew of other cryptocurrencies recently plummeting.

Another important factor that can boost SHIB's worth in the future is the evolution of the layer-2 scaling solution Shibarium. The network has undergone a considerable resurrection recently, with the number of daily transactions and active accounts increasing.

The function, officially implemented last summer, is intended to promote the meme coin's development by lowering transaction costs, increasing speed, and improving scalability.

CryptoPotato revealed that Shibarium had reached several milestones in recent months. For example, total blocks on the network hit 4 million, while total transactions surpassed 400 million.

Shibarium's Surge in Activity Signals Potential Rally for Shiba Inu Amidst Meme Coin Uptick

Shiba Inu's layer-2 blockchain solution, Shibarium, has again grabbed the news and is undergoing a significant comeback.

According to the most recent data, active accounts on the network have topped 25,000, representing an 80% rise over the previous day and a staggering 3,500% increase since the beginning of April. Daily transactions have also increased, reaching more than 400,000.

Shibarium, officially launched in August of last year, promises to promote Shiba Inu development by improving scalability, lowering transaction costs, and increasing speed.

It has just surpassed several milestones. As CryptoPotato announced at the beginning of the month, the network's total blocks exceeded 4 million. Wallet addresses are south of 1.8 million, while total transactions are around 415 million.

Numerous observers predict Shibarium's continued growth will spark a bull run for the second-largest meme coin. Meanwhile, SHIB has already recovered some of its losses from the weekend and is trading in the green daily.

It is not the only meme coin that has rallied significantly today (April 15). The Solana-based Cat in a Dogs World (MEW) is one of the market's greatest performers, with an almost 100% increase.

Dogwifhat (WIF), Dogecoin (DOGE), Pepe (PEPE), and Floki Inu (FLOKI) have all marched north, albeit in a more moderate manner.

Photo: Microsoft Bing

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