TL;DR

Shiba Inu (SHIB) experienced a massive increase in token burns in March, with billions of tokens removed from circulation.
The development of Shibarium, SHIB’s layer-2 solution, has advanced significantly, potentially supporting further ecosystem growth and value appreciation.

The second-largest meme coin – Shiba Inu (SHIB) – experienced a significant resurgence of its burning mechanism in March.

Data shows that the burn rate for the past month resulted in over 15.5 billion assets destroyed. The biggest spike occurred on March 8 when almost 14 billion SHIB tokens were sent to a null address. March’s total burn rate represents a 2,300% increase compared to the figures observed in February.

The burning program aims to decrease the circulating supply of SHIB by making the asset scarcer and potentially more valuable in time. Despite the correction today (April 1), the meme coin’s price is well in the green on a monthly scale, rising by 40% (per CoinGecko’s data). 

Another factor that could positively impact SHIB’s value is the development of the layer-2 scaling solution, Shibarium. Despite halting its progress recently, the network has already smashed through numerous important milestones.

As CryptoPotato reported, total transactions on Shibarium exceeded 400 million, whereas wallet addresses are just south of the 1.4 million mark. Launched in August last year, the feature aims to reduce transaction fees and improve speed, thus supporting the advancement of the Shiba Inu ecosystem. Those willing to learn more about it, feel free to watch our dedicated video below:

Meanwhile, Shiba Inu was predicted to climb to its previously reached all-time high price in the near future should it surpass the major resistance level of $0.000033285. The forecast came from the popular cryptocurrency analyst Rekt Capital.

 

The post Massive Increase in Shiba Inu Burn Rate as SHIB Bull Run Accelerated in March appeared first on CryptoPotato.

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Filed under: Bitcoin - @ April 1, 2024 9:19 am