Shiba Inu Burn Rate Soars Amid Market Decline

According to CryptoPotato, the burn rate of the popular meme coin, Shiba Inu, has seen a significant increase in an attempt to reduce the asset's circulating supply and enhance its value over time. Despite this, the price of Shiba Inu remains low due to the current market downturn. The team behind Shiba Inu continues to remove a substantial number of tokens from circulation, with data indicating a nearly 500% increase in the burn rate over the past 24 hours and a 193% increase on a weekly basis. This has resulted in over 774 million SHIB assets being destroyed. The ultimate goal of this program is to decrease the coin's vast supply, making it scarcer and potentially more valuable in the future. In April, the burn rate had a massive surge of 50,000%, and the number of tokens removed from circulation throughout March exceeded 15.5 billion, a 2,300% increase compared to February. However, despite these efforts, Shiba Inu's price has dropped 8% in the last 24 hours and 25% weekly, according to CoinGecko's data. This decline aligns with a broader market downturn, with Bitcoin, Ethereum, Solana, Dogecoin, and several other cryptocurrencies also experiencing a drop in value. Another factor that could positively influence SHIB's future value is the progress of the layer-2 scaling solution, Shibarium. This network has seen a significant revival in recent days, with an increase in daily transactions and active accounts. Introduced last summer, Shibarium aims to promote the development of the meme coin by reducing transaction costs, improving speed, and enhancing scalability. Over the past few months, Shibarium has reached several milestones, including exceeding 4 million total blocks on the network and crossing 400 million total transactions.