TL;DR

• Shiba Inu’s burn rate has significantly increased, indicating a strong push to reduce the token’s circulating supply, which could boost its value over time.
• The development of Shibarium, aimed at enhancing the ecosystem by reducing fees and increasing transaction speed, is viewed positively for SHIB’s future price potential.

The popular meme coin – Shiba Inu – continues to witness a substantial amount of tokens removed from its circulating supply. Data shows that the burn rate has exploded by a whopping 30,000% in the past 24 hours, resulting in almost 4 million tokens destroyed.

The team behind the meme coin also revealed that over 643 million tokens were burned throughout February, which is actually a 93% decline compared to the first month of the year.

The burning mechanism appears to be a vital factor that could fuel a price rally. After all, a decline in SHIB’s supply combined with a rising demand could make the coin more valuable in time. 

The marketing strategist of Shibarium – LUCIE – recently reminded that Shiba Inu’s price skyrocketed by 800% in a week in 2021 without any burns, hinting at