TL;DR
- Shiba Inu’s burning efforts in May experienced a 78% decline compared to April.
- The layer-2 blockchain solution Shibarium surpassed 5 million blocks and 400 million transactions, enhancing the ecosystem’s growth.
The Burning in May
The popular meme coin project Shiba Inu continues to see a substantial amount of tokens removed from its circulating supply. Data shows that almost 370 million assets were burned throughout May via 328 transactions. This figure represents a 78.23% decline compared to the one observed for the whole of April.
369,173,694 $SHIB tokens have been burned in the month of May with 328 transactions. #SHIB
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Did you know? Three years ago today (June 1, 2021), Shibburn launched as the first project to build around $SHIB and the first dedicated burn project in the… pic.twitter.com/9xjBysR0L3
— Shibburn (@shibburn) June 1, 2024
The burning mechanism is an essential part of Shiba Inu’s ecosystem, whose goal is to reduce the enormous supply of tokens, making them scarcer and potentially more valuable in time. Over the past few years, the Shiba Inu team has sent over 410 trillion assets, or 41% of the circulating supply, to a null address.
Meanwhile, SHIB’s price is slightly in the green on a monthly scale, currently trading at approximately $0.00002504. The meme coin has also experienced a whopping 190% spike in the past year, emerging as one of the best performers in the crypto market for that time frame.
Shibarium’s Advancement
Another factor that may positively impact the price of Shiba Inu is the further development of the layer-2 scaling solution, Shibarium. It officially saw the light of day in August last year and has since passed countless milestones.
Most recently, the total blocks processed on the network exceeded the 5 million mark. Prior to that, the total number of transactions surpassed 400 million, whereas wallet addresses crossed 1.8 million.
Shibarium is designed to support the advancement of the Shiba Inu ecosystem by lowering transaction fees, improving speed, encouraging community participation, and enhancing scalability.
Last month, the network underwent two key updates. The first enabled compatibility with popular self-custody wallets, such as MetaMask, Trust Wallet, Coinbase Wallet, and others. The second aims to empower the community of developers and innovators, implement quicker block processing times, and improve the overall user experience.
Those curious to learn more about the L2 blockchain solution, feel free to take a look at our dedicated video below:
The post This is How Many Shiba Inu (SHIB) Tokens Got Burned Last Month appeared first on CryptoPotato.
