This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Shiba Inu, the popular memecoin, has experienced a significant increase in its burn rate, with over 173 million tokens recently removed from circulation. This follows the previous month’s burn of nearly 1.5 billion tokens. The burn strategy aims to reduce the supply of SHIB tokens, potentially increasing their value. This coincides with a recent price uptick of 9% in two weeks and 15% over a month. In addition to the burn rate, the development of Shibarium, a layer-2 blockchain solution, could also positively impact SHIB’s price. Shibarium has made significant progress, surpassing 1.5 million blocks. This advancement aims to enhance the performance of the memecoin. Overall, the increase in burn rate and the development of Shibarium are factors to watch for potential price increases in SHIB.