Shiba Inu Burn Rate Up 90% Daily – Is SHIB Price Rally Coming?

TL;DR

The Shiba Inu burn rate has skyrocketed significantly today, with over two million tokens being pulled from circulation. However, SHIB’s price remains very much in the red, coinciding with a global correction in the crypto market. The Last Spike

The Shiba Inu burn rate increased substantially today (May 1st), increasing by 90% compared to the previous day. This resulted in more than two million assets being withdrawn from circulation.

According to Shibburn, almost 1.7 billion SHIB tokens were burned last month after 204 transactions. The team behind the meme coin revealed that most of the destroyed assets were transferred to the contract address.

“This is not due to any big news or anything like many reported…it’s just people making mistakes, sending their tokens to the CA and losing their investments as a result. Be careful and check where you send your tokens so it doesn’t happen to you,” the developers. he stated.

The ultimate goal of the burning program is to reduce the huge supply of SHIB tokens, making them scarcer and potentially more valuable over time. Despite these efforts, the price of the meme coin is down more than 20% weekly amid a broader decline in the crypto market.

SHIB Price, Source: CoinGecko What Else Can Trigger a SHIB Rally?

The development of Shiba Inu’s layer 2 scaling solution, Shibarium, is another factor that may contribute to a potential bull run for the asset going forward. The network has passed numerous milestones since its official launch in August last year, with a total number of transactions exceeding 400 million.

Shibarium went through a major user interface (UI) update last month, allowing for improved compatibility with popular self-custodial wallets such as MetaMast, Coinbase Wallet, and Trust Wallet.

“We’ve reworked the platform from the ground up to prioritize user experience and speed,” the team said.

The L2 blockchain solution will undergo another update on May 2 through a “hard fork”. The development aims to improve the user experience, implement faster block processing times and empower the developer and innovator community.

Shibarium’s main goal is to elevate Shiba Inu above its rivals in the meme coin realm by reducing transaction fees and increasing speed. For those who want to learn more about the feature, check out our dedicated video below:

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