- Shiba Inu’s market value increased as a result of its over 4,000% increase in burn rate, which eliminated 81 million tokens.
- Recent changes to Shibarium improve the use and scalability of Shiba Inu while maintaining transaction prices in the face of rising demand.
The Shiba Inu community has removed over 81 million SHIB tokens in the previous day, a startling 4,000% increase in token burn rate, according to Shibburn reports. This action is part of a bigger plan to decrease the amount of SHIB in circulation and maybe increase its worth.
HOURLY SHIB UPDATE$SHIB Price: $0.00002495 (1hr 0.24% ▲ | 24hr 0.54% ▲ )
Market Cap: $14,698,841,553 (0.44% ▲)
Total Supply: 589,273,767,344,481TOKENS BURNT
Past 24Hrs: 81,649,878 (4085.94% ▲)
Past 7 Days: 121,504,248 (18.45% ▲)— Shibburn (@shibburn) May 6, 2024
It is evident from recent data that the community is committed to this deflationary strategy, as approximately 1.7 billion SHIB tokens were destroyed in April alone.
At $0.00002544, the price of SHIB has appreciated significantly over the last 24 hours, rising by 2.43%, and over the last week, it has increased by 8.87%. Only its rival, Dogecoin, is a bigger player in the meme coin space than SHIB, with a market valuation of around $15 billion.
Enhancing the Technological Advantage of Shiba Inu
Key to Shiba Inu’s recent success in the market has been the development of Shibarium, their unique layer-2 scaling technology. Shibarium has experienced major changes recently. It was designed to increase transaction speed and scalability while lowering prices.
Improved interoperability with well-known wallets such as MetaMask, Coinbase Wallet, and Trust Wallet was promised when a new user interface was introduced in the middle of April, as previously reported by ETHNews.
The user experience was then intended to be streamlined, and block processing was accelerated through a hard fork.
Steadying Transaction Expenses
In line with what ETHNews previously disclosed, the sharp 500% spike in transaction fees that Shibarium experienced in a single day amid increasing network traffic highlights the increased demand and usage.
To keep prices stable during peak hours and preserve accessibility and affordability, the development team is actively addressing these variations.