- SHIB’s burn rate surged 1,000% last Tuesday.
- Shibarium users’ wallets reached a 2 million landmark.
- Investors are bullish on SHIB’s price development.
The SHIB burn rate increased 1,000% last Tuesday, affecting the cryptocurrency’s supply. This surge significantly impacted SHIB’s supply, with the crypto community now speculating whether trillions of tokens could be burned next.
According to data from Shibburn, the Shiba Inu blockchain removed 51.76 million SHIB tokens during the latest burn exercise—a 1,068% increase from the previous event. This boost pushed the memecoin’s weekly burn volume to 2.44 billion tokens, after the network removed 410.74 trillion tokens from the total initial supply, reducing its total supply to 589.25 trillion.
Such dramatic reductions in SHIB’s circulating supply have fueled discussions about whether the burn rate could lead to a substantial price rally, with some investors eyeing the long-term effects of Shiba Inu’s aggressive burn strategy.
Shibarium Adoption Rises
SHIB users are optimistic following the surge in the crypto token’s burn rate. Other network developments are also making investors bullish on the dog-themed memecoin. Shibarium, Shiba Inu’s layer-2 network, has seen a notable surge in user adoption. Onchain data shows the network reached two million wallet addresses.
Read also: SHIB Burn Rate Explodes: Prices to Turn Bullish?
Aligning the increasing Shibarium user adoption and the surging SHIB burn rate have made investors optimistic about the Shiba Inu ecosystem. The timing of these developments plays a significant role in the growing bullish sentiment around Shiba Inu.
SHIB Price Action
However, SHIB’s price does not appear to reflect the effect of these developments. The memecoin’s momentum is in line with the overall crypto market, even though users expect SHIB to behave exceptionally soon. Some analysts predict the SHIB burn rate could surge higher, and the network could burn trillions of tokens.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
