The burning rate of Shiba Inu token has surged by nearly 3000%, while the price continues to decline

According to CryptoPotato, the token burn rate of popular meme coin Shiba Inu has surged nearly 3000% in the past 24 hours, resulting in over 30 million tokens being removed from circulation. This plan aims to reduce the circulating supply of SHIB, making it scarcer and potentially more valuable. Since early 2024, this meme coin has burned over 9 billion assets (approximately 10% of the total burn volume in 2023). However, the price of SHIB has been declining recently, aligning with a broader market adjustment. According to CoinGecko's data, it has dropped by 1% in the past 24 hours and by 7% in the past week. On the other hand, daily trading volume on Shibarium, a layer-two blockchain solution, has also increased. On January 17th, its daily trading volume exceeded $2.5 million (a growth of 33% compared to the previous day). The network officially launched in August 2023 with an aim to facilitate development within the Shiba Inu ecosystem by reducing transaction fees and improving speed.