Massive 76 bn Shiba Inu Burned In 2023
Shiba Inu, a popular memecoin project, experienced an 8.33% decrease in tokens burned in 2023, with a record of 35 billion assets destroyed in December. This represents a small portion of the project’s circulating supply of nearly $590 trillion.
The mechanism aims to reduce this supply, making SHIB more scarce and potentially valuable. The asset’s price has been increasing, with a 5% spike in the past 24 hours and a 30% monthly increase.
Experts suggest that Shiba Inu’s layer-2 blockchain solution, Shibarium, could also contribute to SHIB’s price appreciation. The network, which went live in 2023, has experienced multiple milestones, with total transactions exceeding 200 million and blocks nearing 2.5 million.
Shibarium aims to improve the base layer’s efficiency and scalability, reducing transaction fees and processing times.
(With inputs from Shikha Singh)
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