Shiba Inu Price Tanks Amid Surging Burn Rate, What’s Ahead For The Coin?

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The price of the Shiba Inu token has fallen by approximately 0.89% over the past 24 hours and by more than 3% over the past week. Despite the bearish momentum, SHIB has witnessed a jump of about 1,480% in its token-burning activities in the past few days.

The divergence between the token’s price trend and the token burn rate suggests that reducing the number of SHIB in circulation did not influence its price as the community anticipated.

Shiba Inu Army Remove Billions of SHIB from Circulation 

The Shiba Inu community has again demonstrated an impressive commitment to the project by burning many SHIB tokens. According to Shibburn, more than 3.5 billion SHIB tokens have been removed from circulation into the dead wallet.

A single wallet burned over 95% of the total tokens. The specific details of this wallet address are not clear or publicly known. Despite the lack of transparency surrounding the wallet, it is important to highlight that this address has been associated with token burn activities within the Shiba Inu protocol.

In addition to the wallet’s contribution, a substantial amount of SHIB tokens has already been removed from circulation in the past week. Shib burn data shows that 2,915,482,121 SHIB has been removed from the total tokens in circulation over the previous week.

Shiba Inu Activities Soars Amid Price Dips

The Beta Version of the Shibarium Layer 2 Solution, PuppyNet, has witnessed a massive surge in connected addresses. The launch of Layer 2 protocol has been one of the significant goals of the Shiba Inu team for some time now.

Shibarium is seen as a promising addition to the Shiba Inu ecosystem, offering diversification opportunities to users. It also acts as a significant channel for deflating the digital token, which will favor its long-term prospects.

Since the launch of the Shibarium mainnet on March 11, its total number of transactions has reached 13,730,253. According to Puppyscan, the number of blocks on the network has exceeded one million, at 1,043,932.

The fact that the network has processed such a substantial number of blocks further emphasizes the widespread usage and adoption of Shibarium’s Layer 2 Solution.

The Layer 2 Solution offers scalability and efficiency benefits by offloading transactions from the main blockchain onto a secondary layer enabling faster and more cost-effective transactions.

This growth indicates the rising adoption of the Layer 2 Solution within the Shiba Inu ecosystem, which may boost the value of SHIB.

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Abraham
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