Shiba Inu (CRYPTO: SHIB) on Thursday witnessed a significant increase in its token burn rate, with over 79 million SHIB tokens burnt in the last 24 hours.
This development comes as investors eagerly anticipate the launch of Shibarium, a highly anticipated layer-2 solution.
SHIB has demonstrated strong performance, recording a 3.50% increase over the past 24 hours, outperforming other popular meme coins in terms of market capitalization, including Dogecoin (CRYPTO: DOGE) and Pepe coin (CRYPTO: PEPE).
Dogecoin experienced a modest increase of 0.55%, while Pepe coin rose 1.44%.
Notably, SHIB stands out as one of the top gainers in the last 24 hours, as reported by CoinMarketCap.
The accelerated burn rate of SHIB tokens has surged by more than 15% within the past 24 hours, according to data from Shibburn.
In cryptocurrency, burning refers to the intentional and permanent removal of a portion of the existing token supply from circulation. Token burning is typically done to reduce the total supply of a cryptocurrency, thereby increasing scarcity and potentially driving up its value. This process is often carried out by sending the tokens to a “burn address” from which they can never be accessed or used again.
Shibarium, considered a crucial undertaking within the Shiba Inu ecosystem, is expected to deliver a range of significant advantages for Shiba Inu and its community. These include faster and more cost-effective transactions, improved scalability, and enhanced network security.
Market data provider Kaiko reported that SHIB has experienced a price surge of over 25% since July 1, attributed to the wave of developer activity on the network.
Produced in association with Benzinga
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