• Shiba Inu burn rate soared by 5,975.13%, with 1.729 million tokens destroyed in 24 hours.
• Shibarium’s daily transactions jumped 70%, and wallet addresses reached 1.816 million.

According to Shibburn data, Shiba Inu (SHIB) has undergone a startling 5,975.13% rise in burn rate over the last 24 hours, with nearly 1.729 million tokens transferred to a burn wallet during this time.

This sharp increase in burn rate demonstrates a significant effort by the Shiba Inu community to lower circulating supply, with the goal of increasing token scarcity and, potentially, value. Over the last week, the burn rate increased by 17.17%, resulting in the destruction of 38,884,384 SHIB tokens.

SHIB Trading Volume Rises, But Market Cap Stays Steady 

SHIB is currently trading at about $0.00001478, slightly up 0.34% over the last 24 hours. The token’s trading activity remains relatively active, with a daily transaction volume of $186.92 million. Despite this, trading volume amounts to only roughly 2.11% of the SHIB market cap, which is currently around $8.7 billion.

Furthermore, as we previously noted, activity inside the Shiba Inu ecosystem’s Layer 2 solution, Shibarium, has increased significantly, indicating that people are becoming more interested and engaged.

Daily transactions on the Shibarium network have increased by 70%, demonstrating renewed interest in using the ecosystem’s capabilities. Shibarium’s total value locked (TVL) has already reached $1.2 million, demonstrating the network’s growing confidence and investment.

Simultaneously, the number of Shibarium wallet addresses continues to grow, reaching an astonishing 1.816 million. These data illustrate Shibarium’s rapid usage and its significance in strengthening Shiba Inu’s standing in the larger cryptocurrency market.

On the other hand, according to CNF, Coinbase has designated Shiba Inu (SHIB) as a currency, emphasizing its capacity to serve as money or a store of value.