The Shiba Inu community has once again demonstrated its unwavering support for the meme coin by burning a significant amount of SHIB tokens. This week, the Shibburn tracker recorded a staggering 456% increase in the burn rate, with over 11 million SHIB tokens removed from circulation. This concerted effort to reduce the circulating supply is a key part of the Shiba Inu community’s strategy to drive up the price of the meme coin.
While some members of the community have expressed skepticism about the impact of burns on the price of SHIB, others believe that it is a necessary step towards achieving long-term success. Shytoshi Kusama, the enigmatic leader of the Shiba Inu development team, has stated that he expects burns to accelerate once Shibarium, the Layer-2 network, reaches its full potential.
Shibarium has been making impressive progress in recent months, and this week it smashed a new utility record. The network saw a surge in daily transactions, reaching a peak of 43,690. This is a significant milestone, as it demonstrates the growing adoption of Shibarium and its potential to become a major player in the decentralized finance (DeFi) space.
Shiba Inu Price Shows Signs of Recovery
Amidst the burning frenzy and Shibarium’s utility surge, the price of Shiba Inu has also shown signs of recovery. Over the past 48 hours, SHIB has increased by 6.23%, trading at $0.00000822. While this is still well below its all-time high of $0.00008845, it is a positive sign for the meme coin.
The combination of reduced supply, increased utility, and a growing community suggests that Shiba Inu is well-positioned for future growth. While there are no guarantees in the volatile cryptocurrency market, the recent developments bode well for the Shiba Inu army’s efforts to push the meme coin to new heights.