According to CryptoPotato, the burn rate of Shiba Inu memecoin has surged by over 1,300% in 24 hours, resulting in the destruction of more than 105 million tokens. This move aims to reduce the total supply of SHIB, potentially increasing its scarcity and value. In October, the memecoin burned approximately 1.4 billion tokens, with a record day on October 28 when over 250 million SHIB were removed from circulation.
SHIB's price has been on an uptrend, increasing by 12% in two weeks and 25% monthly. It has overtaken Bitcoin Cash in market capitalization, entering the top 20 cryptocurrencies. The launch and progress of Shibarium, a layer-2 blockchain solution, may be contributing to SHIB's recent price rally. The network officially went live at the end of August and has since surpassed 1.5 million total blocks and nearly 4 million total transactions.
