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Shiba Inu's Burn Rate Soars, Achieves New Milestones Amidst March Bull Run

Shiba Inu Token Burn Intensifies, Fuels March Price Surge and Ecosystem Growth

Tue, 02 Apr 2024, 02:12 am UTC

In a remarkable display of momentum, Shiba Inu (SHIB), the meme coin rivaling Dogecoin, saw its burn rate skyrocket by 2,300% in March, obliterating over 15.5 billion tokens and marking significant network achievements.

Despite a slight pullback on April 1, SHIB's value has surged 40% over the past month, with the development of its layer-2 solution, Shibarium, contributing to its ecosystem's growth. These milestones, highlighted by a dramatic increase in burn rate and the advancement of Shibarium, underscore SHIB's expanding influence in the cryptocurrency sector.

Shiba Inu Burn Rate Skyrockets, Fuels Optimism with Shibarium's Progress

According to data, the burn rate over the past month has destroyed over 15.5 billion assets. The most significant spike occurred on March 8, when almost 14 billion SHIB tokens were sent to a null address. The total burn rate in March increased by 2,300% compared to February's figures.

The burning program aims to reduce the circulating supply of SHIB, making the asset more scarce and potentially valuable over time. Despite today's correction (April 1), the meme coin's price is up 40% monthly, according to CoinGecko data (via CryptoPotato).

The development of Shibarium, a layer-2 scaling solution, could also positively impact SHIB's value. Despite a recent halt in progress, the network has already achieved several significant milestones.

According to CryptoPotato, total Shibarium transactions surpassed 400 million, while wallet addresses fell just short of 1.4 million. The feature, launched in August of last year, aims to reduce transaction fees and improve speed, thereby contributing to the advancement of the Shiba Inu ecosystem. Those who want to learn more about it can watch our dedicated video below.

Meanwhile, Shiba Inu was expected to return to its previous all-time high price soon if it overcomes the significant resistance level of $0.000033285. The forecast came from the famous cryptocurrency analyst Rekt Capital.

Shibarium Milestones Propel Shiba Inu Forward, Surpassing 400 Million Transactions

A source reported in February that developments involving the popular meme coin Shiba Inu remain some of the most intriguing topics for cryptocurrency participants, among other reasons.

The self-proclaimed Dogecoin killer made headlines on March 7 with the advancement of its layer-2 blockchain solution, Shibarium. Data shows that the total number of transactions on the network has surpassed 400 million. Shibarium's Marketing Strategist, LUCIE, praised the achievement and thanked the community for their efforts.

The network has over 1.3 million wallet addresses, and total blocks surpassed 3.5 million earlier this week. Shibarium, launched in August of last year, is intended to benefit the Shiba Inu ecosystem by lowering transaction fees, increasing speed, and improving efficiency.

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