Shiba Inu, a popular meme coin, has seen a surge in its token burn rate in the last 24 hours. According to Shibburn, a tracker that monitors the number of tokens sent to a dead address, over 58 million SHIB tokens were burned in the past day, representing a 43.5% increase from the previous day.
The token burn is a process that permanently removes tokens from circulation, reducing the total supply and increasing the scarcity of the remaining tokens. The Shiba Inu team has stated that burning tokens is one of the ways to boost the value of the coin, which has been struggling to recover from the market downturn.
Shiba Inu in Numbers
The team has also been working on developing Shibarium, a Layer-2 blockchain that aims to provide faster and cheaper transactions for Shiba Inu and other cryptocurrencies. Shibarium has recently gained more traction, with over 1.24 million addresses and 2.317 million transactions recorded on the network.
The total value locked (TVL) on Shibarium has also increased slightly and reached $571k, according to DeFiLama. However, despite these efforts, Shiba Inu’s price and volume have not shown much improvement. The coin is currently trading at $0.0000076, down by 4% in the past week.
The trading volume has also dropped by 19% in the past day, indicating a lack of interest from investors. Shiba Inu’s claim of creating a room-temperature superconductor has also been met with skepticism and criticism from the scientific community.
The team has not provided any peer-reviewed evidence or details of their experiment, which they say involved a solid-state reaction between lanarkite and copper phosphide. The team has also uploaded a video of their material partially levitating on a magnet, but this has not convinced many experts.
Shiba Inu is one of the numerous meme-based cryptocurrencies that have surfaced in the digital currency market, taking its cue from Dogecoin. It boasts a dedicated community of supporters and a robust online presence. However, the future success of this coin, particularly in terms of fulfilling its objectives and delivering on its commitments, is yet to be determined.