- Data from Shib Burn has revealed that Shiba Inu saw a 6750% surge in its burn rate boosting investor optimism.
- Additionally, Shina Inu’s Layer 2 solution has experienced a surge in its dailt transactions.
Shiba Inu, launched in 2022, has once again stirred excitement within the crypto community. This comes after the dog-themed meme coin recorded a staggering 6750% spike in its burn rate. In addition to the major developments the digital asset has undergone, this significant milestone has ignited hope among the Shiba Inu community.
Additionally, Shiba Inu’s Layer 2 solution, Shibarium, has also recorded a sharp increase in daily transactions, further amplifying the bullish sentiment that has circumvented the meme coin’s outlook.
Data from Shibburn, recorded on October 23, revealed that the digital asset’s burn rate surged by 6750% in just 24 hours. This spike resulted in 27.10 million SHIB being removed from circulation.
Despite its lofty value compared to the total circulating supply which stands at 589.26 trillion coins, this reduction might seem small, but it’s seen as a significant step toward reducing the token’s overall supply.
At large, this week saw approximately, 58 million SHIB tokens out of the market. The observed burn rates are in accordance with the market’s low supply, and high demand dynamics is part of a community-driven initiative aimed at minimizing SHIB’s massive supply. This would in return drive the token’s price upwards.
Recent developments within the Shiba Inu ecosystem have added fuel to the fire of investor optimism. Notably, SHIB’s layer-2 network, Shibarium, has experienced significant growth. Between October 21 and 22, Shibarium’s daily transaction count jumped by over 1,000%, with 1.77 million transactions recorded on October 22 compared to 128,000 the previous day.
SHIB’s increasing burn rate and Shibarium’s increasing transactions signal at potential price increase for the token. These impressive metrics have ignited heightened hopes, anticipating a repetition of the 2021 bull run.
Despite these improvements SHIB is struggling to stay afloat, At the time of writing, SHIB is swapping hands with $0.00001735 marking a 4.76% and 6.71% decline in the past 24 hours and past week respectively. Additionally, its market cap has seen a 4.64% decline stopping at $10.24B.
If that were not enough, data from Coinglass shows a 5.9% drop in open interest and a 22% decrease in derivatives volume, these metrics have not killed figures that have not dampened the community’s optimism.
Shiba Inu has been making significant strides in terms of development, as earlier reported, SHIB marketing lead, LUCIE, recently announced that the highly awaited launch of Shib Doggy DAO and Foundation was on the horizon.
The Shib Doggy DAO will act as a governance system for the Shiba Inu ecosystem. This means that holders of SHIB, BONE, LEASH, and TREAT will have a say in the platform’s future.
This decentralized structure allows token holders to vote on key issues such as community projects, technological advancements, and ecosystem changes, ensuring that the community’s voice is heard.
