Shiba Inu L2 Shibarium Crosses 4 Million Transactions As Burn Rate Explodes

Shibarium, the Shiba Inu layer-2 solution, recently reached a new milestone in the past few days, crossing the 4 million total transaction threshold. The launch of Shibarium, Shiba Inu's layer-2 solution, has been a huge catalyst for the meme coin.

Timeline of Shiba-inu

Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer' Shiba Inu (CRYPTO: SHIB) meme cryptocurrency has seen its burn rate — the rate at which coins are being permanently removed from circulation — skyrocket by a staggering 500% in the span of a single day. What Happened: Data from Shibburn, a SHIB burn tracker shows over 83 million SHIB tokens have vanished from its supply, suggesting a sudden and deliberate effort by holders to reduce the coin's supply.

The crypto market is generally bullish accentuated by Bitcoin price moves above $38,000. However, some selected altcoins including Shiba Inu (SHIB) have been losing ground, although gradually.

While the week initially kicked off with a slight dip in prices, there is now a clear push towards recovery, as seen in the price chart. Shiba Inu, in particular, has retested its support levels, attracting buyers who were eager to accumulate and drive its price upwards.

Plena Finance, a company specializing in blockchain technology, has recently expanded its cryptocurrency super app to include new tokens such as SOL, SHIB, and XLM. This development allows users to engage in asset swaps and transactions with these additional tokens.

The Shiba Inu cryptocurrency, positioned as the self-proclaimed Dogecoin killer, recently caught the eyes of crypto market traders and investors homogenously as the token experienced a massive surge in burning activity. However, amid the ongoing SHIB burning chronicle, the token's price also noted marginal falls over the past twenty-four hours.

Despite facing bearish pressure, Shiba Inu's price prediction remains uncertain as the meme coin experiences a significant burn rate surge of over 442,000% in 24 hours. Analysts anticipate SHIB to potentially dip to $0.000008 before bullish momentum gathers liquidity for a push beyond $0.00001.

“Burning” tokens means sending them to an unrecoverable wallet address, effectively taking them out of circulation to boost scarcity. Even though Shiba Inu, often dubbed the “Dogecoin killer,” has seen a significant 5,000% rise in token burning, its market value has slightly declined by 2%.

Navigating the ever-turbulent seas of cryptocurrency can be akin to a high-stakes treasure hunt. At the heart of this digital odyssey is Shiba Inu (SHIB), a cryptocurrency that has turned ordinary investors into millionaires, and left just as many kicking themselves for not holding on longer.

Shiba Inu (SHIB) is currently positioned at the edge of a potential 15% price breakthrough on the SHIB/USDT chart. However, a closer look at the token's volume profiles and market behavior signals a major hurdle that could dampen the momentum needed for this leap.

Shiba Inu (SHIB), the meme cryptocurrency that has captured the hearts of the retail market, currently faces a critical juncture. The asset is eyeing a formidable resistance level, a threshold that has previously capped its price ascents.