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- The Shiba Inu’s burn rate jumped 100%, with 46 million SHIB removed, burning more than 41% of its supply.
- Shibarium achieved 1 million blocks and acquired 1.25 million wallet addresses in less than two months.
- SHIB’s price fell by 5% last week despite these developments.
The popular Shiba Inu memecoin continues to see a large number of assets removed from the total circulating supply. According to the latest data, the burn rate Has risen By nearly 92% in the last 24 hours, with over 46 million SHIB sent to an address no one can reach.
The token has a huge supply – 999,992,188,828,143, with over 41% of that quantity already destroyed. Shiba Inu has adopted a burning mechanism (similar to other cryptocurrencies such as Binance Coin) in an attempt to make SHIB more rare and potentially valuable over time.
Those who want to learn how the process works in general can read our website Guidewhile details of the Shiba Inu burning program can be found in this dedicated program condition.
The burning rate increases one day after the completion of Shibarium
Earlier this week, the Shiba Inu’s second layer measurement solution – Shibarium – reached the one million block mark. The network’s progress has been at a good pace, with more than 1.25 million wallet addresses collected in less than two months after its launch. Readers can learn more about the network’s details and purposes in the video below:
Recently many experts have claimed Further development of Shibarium and successful implementation of the Shiba Inu burning program could be bullish factors for SHIB’s price. However, memecoin has been on a downward spiral recently, falling over 5% over the past week.
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