The meme cryptocurrency Shiba Inu (SHIB) is facing conflicting metrics as the market slumps. Despite a skyrocketing burn rate of over 4,000% in the last 24 hours, the price of the memecoin continues to fall.
The purpose of the burn is to decrease the global supply of SHIB tokens, potentially leading to scarcity and a price increase. This metric also signals confidence in the future of the project.
According to data from the Shibburn platform, 154,999,579 SHIB tokens were burned and there were four transactions in the past 24 hours. To see the overall total of burned tokens, circulating supply, and more, visit the Shibburn website.
Shibarium, a powerful layer 2 network in the SHIB ecosystem, has reached a significant milestone. The total number of blocks on the network has surpassed 4 million, and wallet addresses are approaching 1.4 million.
Currently, the daily transactions on the Shiba Inu layer 2 solution have reached 4,950, with a total of 413,166,567 transactions to date.
At the time of publication, the price of Shiba Inu (SHIB) is $0.00002675, showing a 1.9% increase in the last 24 hours. The cryptocurrency has recorded a trading volume of $855,956,650 during this period. However, the SHIB memecoin price has experienced a 12.9% pullback in the last seven days.
Shibarium has recently achieved a new record in its total value locked (TVL), reaching $3.87 million. This surge was driven by the launch of the meme cryptocurrency Sol Killer (DAMN) on WoofSwap, a decentralized exchange on Shibarium. The introduction of DAMN resulted in a price increase of over 523% in just three days.
Disclaimer: The views expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.