TL;DR
Shiba Inu’s burn rate soared significantly today, with over two million tokens removed from circulation.
However, SHIB’s price remains deep in the red, coinciding with an overall crypto market correction.
The Latest Spike
Shiba Inu’s burn rate increased substantially today (May 1), jumping 90% compared to the previous day. This resulted in over two million assets being removed from circulation.
According to Shibburn, almost 1.7 billion SHIB tokens were burned last month following 204 transactions. The team behind the meme coin revealed that most destroyed assets were transferred to the Contract Address.
“This isn’t due to any big news or anything as many reported… it’s just folks making mistakes, sending their tokens to the CA, and losing their investments as a result. Be careful and double-check where you send your tokens so it doesn’t happen to you,” the developers stated.
The burning program’s ultimate goal is to reduce the tremendous supply of SHIB tokens, making them scarcer and potentially more valuable over time. Despite those efforts, the meme coin’s price is down over 20% weekly amid a broader crypto market decline.
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 in the future. The network has blasted through numerous milestones since its official launch in August last year, with the number of total transactions exceeding 400 million.
Shibarium passed through an important user interface (UI) update last month, enabling enhanced compatibility with popular self-custody wallets such as MetaMast, Coinbase Wallet, and Trust Wallet.
“We reworked the platform from the ground-up to prioritize the user experience and speed,” the team assured.
The L2 blockchain solution will undergo another upgrade on May 2 through a “hard fork.” The development aims to improve user experience, implement quicker block processing times, and empower the community of developers and innovators.
Shibarium’s primary goal is to elevate Shiba Inu above its rivals in the meme coin realm by reducing transaction fees and boosting speed. Those willing to learn more about the feature, please take a look at our dedicated video below:
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