Shiba Inu (SHIB) Price Revival Resumes As Burn Rate Shots Up 26,000%

Shiba Inu's burn rate has increased by 26,446.84%, which is a positive performance metric for the meme coin.

The burn rate is an indication that there are a lot of transactions occurring within the Shiba Inu ecosystem.

Shiba Inu has become a deflationary token where a portion of the asset is burnt with each transaction.

The anticipation of the beta launch of the Shibarium Layer 2 protocol has contributed to positive fundamentals in the Shiba Inu world.

Shibarium has received support from thousands of developers and is expected to showcase the versatility of the SHIB token.

Despite trading down for most of the past week, the growing transaction rates have led to a mild turnaround in the token's price.

The SHIB token is currently up by 2.31% over the past 24 hours.

While it is not proven that the burn rate directly impacts the price growth of SHIB, it is a metric that can give buyers confidence in acquiring the token.

Shiba Inu has grown from a joke to become one of the most important protocols that are advancing the scope of today's emerging Web3.0 ecosystem.