In March, Shiba Inu (SHIB) saw a sharp increase in token burns, with billions of tokens being removed from circulation. The burn rate for the month totaled over 15.5 billion assets, marking a 2,300% increase compared to February. The most substantial burn took place on March 8, when nearly 14 billion SHIB tokens were sent to a null address. This burning program aims to reduce the circulating supply of SHIB, making the asset scarcer and potentially more valuable over time.
One of the factors that could contribute to the increase in SHIB’s value is the development of Shibarium, the coin’s layer-2 scaling solution. Although progress on Shibarium has slowed recently, the network has already achieved significant milestones. According to reports, total transactions on Shibarium have surpassed 400 million, and the number of wallet addresses is approaching 1.4 million. Launched in August last year, Shibarium aims to lower transaction fees and enhance transaction speed, which could support the growth of the Shiba Inu ecosystem.
Despite a correction on April 1, Shiba Inu’s price remains strong, with a 40% increase over the past month. This positive price performance, coupled with the increased token burns and the development of Shibarium, may indicate a promising future for SHIB. An optimistic forecast for Shiba Inu’s value was provided by the popular cryptocurrency analyst Rekt Capital, suggesting potential growth based on the ongoing developments within the ecosystem.
Shiba Inu (SHIB) has experienced a surge in token burns in March, accompanied by significant progress in the development of Shibarium. These factors have the potential to increase the value of SHIB by reducing the circulating supply and improving the overall functionality of the ecosystem. With continued advancements and positive price performance, Shiba Inu may be poised for future growth and success in the cryptocurrency market.
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