What about the SHIB price?

TL;DR

Shiba Inu’s burn rate is skyrocketing, shedding millions of listings on a daily basis, part of a larger effort to reduce supply and improve value. Shibarium development is moving forward with updates aimed at improving speed, scalability and transaction fees, which may contribute to SHIB’s recent price increase.

SHIB Burn rate going through the roof

The popular meme coin, Shiba Inu, witnessed another substantial increase in burn rate. The data shows that it shot up more than 4,000% in the last 24 hours, resulting in more than 81 million tokens being withdrawn from circulation.

The program has been very successful of late, with nearly 1.7 billion SHIB assets destroyed over the course of April. Their ultimate goal is to reduce the huge supply of meme currency, making it scarcer and possibly more valuable in the future.

SHIB’s price is up 6% weekly and over 150% since May last year. The asset remains the second largest of the meme coin cohort, with a market cap close to $15 billion.

SHIB Price, Source: CoinGecko Shibarium Potential Paper

Another element that may have contributed positively to the latest Shiba Inu price revival is the development of the layer 2 scale solution: Shibarium. The network, which aims to elevate the token above its rivals in the meme coin space by improving speed, improving scalability and lowering transaction fees, has recently undergone two essential upgrades.

The first came in mid-April when the team released a new user interface (UI) update, describing it as “faster, smoother and more accessible than ever.” The goal was to improve compatibility with popular self-custodial wallets, including MetaMask, Coinbase Wallet, and Trust Wallet.

Shortly after, the developers introduced another breakthrough through a “hard fork”. It aims to improve user experience, empower the developer and innovator community, and implement faster block processing times.

“We’re also smoothing out variations in transaction fees during times of high traffic, making costs more predictable and fair for everyone. This ensures our platform remains affordable and accessible,” the team added.

If you are curious to know more about Shibarium, watch our dedicated video below:

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