TL;DR

Shiba Inus burn rate skyrockets, removing millions of tokens on a daily scale, part of a larger effort to reduce supply and enhance value. Shibarium development advances with upgrades aimed at improving speed, scalability, and transaction fees, potentially contributing to SHIBs recent price increase.

SHIB Burn Rate Going Through the Roof

The popular meme coin Shiba Inu witnessed another substantial burn rate increase. Data shows that it skyrocketed by over 4,000% in the past 24 hours, resulting in over 81 million tokens removed from circulation. 

The program has been quite successful as of late, with almost 1.7 billion SHIB assets destroyed throughout April. Its ultimate goal is to reduce the tremendous supply of the meme coin, making it scarcer and possibly more valuable in the future.

SHIBs price has climbed 6% weekly and over 150% since May last year. The asset remains the second-largest in the meme coin cohort, with a market capitalization nearing $15 billion.

SHIB Price, Source: CoinGecko

Shibariums Potential Role

Another element that could have positively contributed to the latest revival of Shiba Inus price is the development of the layer-2 scaling solution Shibarium. The network, which aims to elevate the token above its rivals in the meme coin realm by improving speed, enhancing scalability, and lowering transaction fees, recently underwent two essential upgrades.

The first one occurred in mid-April when the team launched a new user interface (UI) update, describing it as faster, smoother, and more accessible than ever. The goal was to enhance compatibility with popular self-custody wallets, including MetaMask, Coinbase Wallet, and Trust Wallet. 

Shortly after, the developers introduced another advancement through a hard fork. It aims to improve user experience, empower the community of developers and innovators, and implement quicker block processing times.

We are also smoothing out transaction fee variations during high traffic times, making costs more predictable and fair for everyone. This ensures our platform remains affordable and accessible, the team added.

Those curious to learn more about Shibarium, please take a look at our dedicated video below: