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.

Shibarium’s Potential Impact

Another factor that may have contributed to Shiba Inu’s price increase is the development of Shibarium, the token’s layer-2 scaling solution. The network aims to outperform its meme coin rivals by improving speed, enhancing scalability, and reducing transaction fees. It recently underwent two significant upgrades. The first was a new user interface (UI) update launched in mid-April, designed to be “faster, smoother, and more accessible than ever.” The goal was to improve compatibility with popular self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet. Shortly after, the developers introduced another advancement through a “hard fork” aimed at improving user experience, empowering the developer community, and implementing quicker block processing times. The team is also working to smooth out transaction fee variations during high traffic times to make costs more predictable and fair for everyone.

Conclusion

Shiba Inu’s increased burn rate and the ongoing development of Shibarium could potentially contribute to the token’s value in the future. By reducing the coin’s supply and improving its scalability and transaction speed, Shiba Inu may continue to hold its position as a leading meme coin.