Shiba Inu Burns continues its efforts to improve the burn rate despite the turmoil in the crypto market. These burns present an optimistic picture for both SHIB and the improving outlook of the meme coin market.
SHIB burns exceeded 774 million in the last week, an average increase of 200%. In addition, the number of cremations in the last 24 hours was recorded as 19.34 million, an increase of nearly 500%. Total burns to date have reached 410.72 trillion.
As we reported as Koinfinans.com, the community continues to regularly burn Shiba Inu to increase the price of Shiba Inu by reducing the supply. Although this may have less impact in the short term, it is part of the strategy to yield successful results in the long term.
However, adding to the burning frenzy, layer-2 blockchain intended to support the SHIB ecosystem Shibarium, experienced an increase in daily transactions approaching the one million mark. As of today, Shibarium’s total daily transactions are 958.44 thousand, which is a significant increase compared to the 7.06 thousand transactions recorded at the beginning of April.
Overall, despite market fluctuations, the Shiba Inu community remains committed to burning tokens and strengthening the network. With both cremation rates and Shibarium transactions increasing, the future outlook for the Shiba Inu looks promising and offers both investors and enthusiasts an intriguing narrative in uncertain market conditions.
However, these positive developments did not have much of an impact on the price, and Shiba Inu lost more than 7% in value in the last 24 hours and is traded at $ 0.00002159. Transaction volume decreased by 11% in the same period, reaching 949 million dollars.
