Shiba Inu, the meme coin ranking second in market capitalization, witnessed a remarkable increase in its burn rate, soaring over 300% in the last day and leading to the elimination of nearly 100 million SHIB tokens from its total supply.
According to a report by CryptoPotato, there was also a notable rise in the burn rate the previous month, with more than 15.5 billion tokens being destroyed.
The primary aim behind these actions is to diminish the total available supply of SHIB tokens, which stands at 999,982,362,289,250, thereby increasing their rarity and potentially enhancing their value over time.
Additionally, the price of Shiba Inu seems to have picked up again, climbing about 4% on a daily basis. This uptick is part of a broader market recovery, highlighted by Bitcoin’s surge to $72,000 and Ethereum’s bounce back to the $3,600 level.
Shiba Inu And Its Layer-2 Blockchain Solution — Shibarium
The advancement of Shibarium, a layer-2 blockchain solution, might be another catalyst for the potential appreciation in SHIB’s market value.
Launched in the previous summer, Shibarium is designed to foster the creation of decentralized applications (dApps), spanning DeFi projects, non-fungible tokens (NFTs), and gaming platforms, all within the Shiba Inu ecosystem.
Furthermore, the network aims to improve the overall user experience by offering enhanced transaction speeds and reduced costs. This combination of features makes Shibarium a great choice for developers and users within the digital currency community. This month marked a significant achievement for Shibarium, as it exceeded a total of 4 million blocks.
692.4 Billion SHIB Tokens Transferred To An Unknown Wallet
Shiba Inu’s market performance has remained relatively flat, experiencing a minor decrease of 0.8% within the last day, despite significant transactions by large investors and an overall uptrend in the cryptocurrency market.
Whale Alert’s analysis disclosed a massive movement of 692.4 billion SHIB tokens, worth approximately $19.26 million, transferred from a Crypto.com wallet to a wallet whose owner remains unidentified.
This significant transfer has bolstered the value of the mysterious wallet’s holdings to around $53.3 million, with the primary investment following SHIB being in the Layer-1 cryptocurrency Cronos, which holds a value of $10.9 million.
Additionally, the wallet is invested in well-known meme cryptocurrencies including Pepe and Floki, with each holding surpassing the $1 million mark.
Overall Transactions Involving Shiba Inu
Data from IntoTheBlock indicates a notable surge in the volume of large transactions by 47.8%, reaching 58.4 million. The count of daily active users has seen a 24% increase. Moreover, transactions of over 100,000 SHIB escalated from 118 on April 6 to 215 by April 7.
According to U.Today, a substantial amount of SHIB, totaling 58 trillion and accounting for 9.84% of its circulating supply, is positioned between its current market price and the targeted price point of $0.000045 per SHIB. Surpassing this threshold, SHIB could trigger additional gains in its market value.
