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 token burn rate, with over 260 million tokens removed from circulation in the past 24 hours. This marks a record high in the last two months, surpassing the previous record set on October 28. The burning program implemented by Shiba Inu aims to enhance the coin’s scarcity and potential value. Despite the impressive burn rate, the price of SHIB has remained relatively unchanged and is down 5% on a weekly basis. There is speculation that the advancement of Shiba Inu’s layer-2 blockchain solution, Shibarium, could play a role in increasing the price of SHIB. Shibarium went live in August and has achieved significant milestones, including surpassing 4 million total transactions and nearing 2 million total blocks. The potential impact of Shibarium on SHIB’s price remains to be seen.