In the month of March, Shiba Inu (SHIB) saw a significant spike in the burning of its tokens, with over 15.5 billion assets destroyed. The most substantial increase in burns happened on March 8, where almost 14 billion SHIB tokens were sent to a null address. This surge in token burns represented a substantial 2,300% increase compared to the figures from February. The burning program’s objective is to reduce the circulating supply of SHIB, making the asset rarer and potentially more valuable over time.
Despite a correction on April 1, Shiba Inu’s price remains in positive territory, showing a 40% increase on a monthly scale, according to data from CoinGecko. One of the factors driving this uptrend could be the development of Shibarium, SHIB’s layer-2 scaling solution. This feature aims to reduce transaction fees and improve speed, thereby supporting the growth of the Shiba Inu ecosystem.
Although there have been recent halts in Shibarium’s progress, the network has achieved several significant milestones. The total number of transactions on Shibarium has exceeded 400 million, while the number of wallet addresses is approaching the 1.4 million mark. Launched in August last year, Shibarium aims to enhance the overall user experience by providing faster transactions and lower fees. This advancement in technology could play a crucial role in the future value of SHIB tokens.
Cryptocurrency analyst Rekt Capital has provided a positive forecast for Shiba Inu’s future, citing the development of Shibarium as a key driver of value appreciation. With the increasing token burns and the progress of Shibarium, the Shiba Inu ecosystem is set to further expand and evolve, potentially attracting more investors and users to the platform. As the cryptocurrency market continues to evolve, it will be interesting to see how Shiba Inu performs in the coming months and whether it can sustain its current momentum.