News
This is the number of Shiba Inu (SHIB) tokens burned last month
TL;DR
- Shiba Inu burning efforts in May saw a 78% decline compared to April.
- The Shibarium layer 2 blockchain solution has surpassed 5 million blocks and 400 million transactions, fueling the growth of the ecosystem.
The May fire
The popular Shiba Inu meme coin project continues to see a significant amount of tokens removed from its circulating supply. The data shows that nearly $370 million in assets were burned through 328 transactions during May. This figure represents a decline of 78.23% compared to that observed for the whole of April.
The burning mechanism is an essential part of the Shiba Inu ecosystem, the goal of which is to reduce the huge supply of tokens, making them more scarce and potentially more valuable over time. In recent years, the Shiba Inu team has sent over 410 trillion in assets, or 41% of the circulating supply, to a null address.
Meanwhile, SHIB price is slightly in the green on a monthly scale, currently trading at around $0.00002504. The meme coin has also seen a massive 190% spike over the past year, emerging as one of the best performers in the cryptocurrency market in that time frame.
Advancement of Shibarium
Another factor that could have a positive impact on the price of the Shiba Inu is the further development of the level 2 scaling solution, Shibarium. It’s officially has seen the light of day in August last year and has since surpassed countless milestones.
More recently, the total blocks processed on the network passed the 5 million threshold. Previously, the total number of transactions exceeded 400 million, while wallet addresses exceeded 1.8 million.
Shibarium is designed to support the advancement of the Shiba Inu ecosystem by reducing transaction fees, improving speed, encouraging community participation and improving scalability.
Last month, the network underwent two key upgrades. The first qualified compatibility with the most 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 faster block processing times, and improve the overall user experience.
Those who are curious to learn more about the L2 blockchain solution, do not hesitate to take a look at our dedicated video below: