Shiba Inu ($SHIB) burn rate has soared by over 420% in the past 24 hours. This happened on the back of a total of 5,316,694 tokens being burnt in a day, as revealed by prominent $SHIB token burn tracker Shibburn.
Token burns essentially remove coins from circulation, decreasing the overall supply of the cryptocurrency. This further helps to increase scarcity and raise the value of each remaining coin.
The surge in the $SHIB burn rate, therefore, indicates heightened activity within the Shiba Inu community.
This effort of the holders actively participating in reducing the circulating supply of $SHIB has effectively resulted in influencing its price, which has gone up recently.
The memecoin was noted trading in the green side of its chart at press time. The current price of Shiba Inu stood at $0.00001041, with over a 1% uptick in the last 24 hours.
The token’s price performance has also seen a surge of about 25% in the last 30 days, which has garnered much optimism for $SHIB in the community.
Plans for a top-level domain
The recent development follows the announcement of plans by $SHIB developers to acquire a top-level domain (TLD) for their community.
This would be facilitated by a strategic partnership with prominent domain company D3 Global.
The aim is to establish a decentralised TLD, allowing users to register unique “.shib” names seamlessly integrating into both Web2 and Web3 applications. This would give them a distinctive digital identity.
By venturing to secure a stake in the internet, Shiba Inu aims to become the first Web3 project to navigate the intricate process of obtaining a TLD status.
Talking about the same, lead developer at Shiba Inu, Shytoshi Kusama, expressed: “We are extremely proud to once again trailblaze decentralisation in world history. With this incredible, simple, new, yet Web2 innovation, we can ensure that Shib achieves perpetual decentralisation in a way no other project has, bar none.”
Another milestone for $SHIB’s L2 blockchain
In other news, a new milestone was etched by Shiba Inu’s layer-2 (L2) blockchain Shibarium. The network has finally surpassed the 150 million mark in overall transaction count.
Transactions on the L2 took a peak at the start of December when it went from a daily average of around 17K in November to over 5m the next month. Last week, Shibarium made headlines for reaching over 90m in total transactions.
An average of 7.5m daily transactions have been consistently maintained since the start of this month on Shibarium, except a few times when it dropped to no less than 6m. As of press time, the figure stood at 6.45m.
These achievements come despite Shibarium’s rocky launch, which was met with several technical glitches. The mainnet of the L2 initially went live on 16 August but was soon paused due to scalability issues.
As a result, Shibarium users were unable to withdraw their assets for several days, which led to widespread uncertainty within the community, with many doubting the attack of software bugs.
However, the team quickly assured its users that they would regain full access to their funds once the mainnet was operational again. Its channels were finally reopened for fund withdrawals after two weeks of temporary suspension on 29 August.
