• Shiba Inu is experiencing a significant reduction in its circulating supply, with a 92% surge in the burning rate over the past 24 hours.
• Shiba Inu has recently achieved a milestone with its layer-2 scaling solution, Shibarium, reaching one million blocks.

The memecoin Shiba Inu is witnessing a noteworthy reduction in its total circulating supply. Recent data reveals a remarkable 92% surge in the burning rate over the past 24 hours, with over 46 million SHIB tokens sent to an inaccessible address.

Shiba Inu boasts an enormous supply of 999,992,188,828,143 tokens, and more than 41% of this supply has already been eliminated. Similar to other cryptocurrencies like Binance Coin, Shiba Inu has implemented a burning mechanism aimed at increasing the scarcity and potential value of SHIB over time.

This week, Shiba Inu achieved a significant milestone with its layer-2 scaling solution, Shibarium, reaching one million blocks. The network’s progress has been impressive, amassing over 1.25 million wallet addresses in less than two months since its launch.

Many experts believe that the continued development of Shibarium and the successful implementation of Shiba Inu’s burning program could have a positive impact on SHIB’s price. However, it’s worth noting that the memecoin has experienced a recent decline, with a decrease of over 5% in the past week.

Shytoshi Kusama, the lead developer of Shiba Inu, has dropped hints regarding future developments for Shibarium, the Ethereum-based layer-2 scaling solution.

In response to the recent boost in validator rewards on the platform, the L2 protocol is contemplating a modification in how it brings on board these crucial network participants. LucieSHIB, Shibarium’s marketing strategist, further suggests that this new strategy will primarily focus on enhancing network security.

Shiba Inu Price Action

Amid the sell-off in the broader cryptocurrency market, Shiba Inu has also come under strong selling pressure. Since the start of October, Shiba Inu’s price has been majorly under the influence of bearish market forces, causing the meme coin to lose over 7% of its value within the month. Throughout this period, the SHIB price has remained trapped in a narrow range between $0.00000717 and $0.00000745 for almost a month.

Despite numerous efforts by the meme coin to break out of this trend, these attempts have been short-lived as bears quickly pushed Shiba Inu back into the consolidation range. Additionally, the SHIB price hovered dangerously close to its support level at $0.00000717.

After several unsuccessful attempts, the price breached this support level, signaling a prevailing bearish sentiment in the market. The chart currently exhibits a bearish flag pattern, suggesting a potential decline in the price in the days ahead.

The Relative Strength Index (RSI), which had been trading above the midpoint, experienced a sharp decline in its averages, causing the coin to slip below the midpoint. Moreover, the averages made multiple attempts to rise past the halfway point but failed, leading to another dip and pushing the averages below the oversold range. This indicates weakened buying and selling power in the market.

At press time, Shiba Inu (SHIB) is trading 0.98% down at a price of $0.000006873 at a market cap of 44.054 billion.