Self-proclaimed ‘Dogecoin DOGE/USD killer' Shiba Inu SHIB/USD, has seen a spike in the burning of its tokens, exceeding a 1,500% increase within a single day.
What Happened: Shibburn, a Shiba Inu burn rate tracker, revealed the elimination of 61 million SHIB tokens from the actively traded supply.
The burn comes as a result of three unidentified parties who transferred 59 million SHIB tokens to a “dead” address, thereby taking them out of circulation.
The project’s marketing leader Lucie S announced that Shibarium, their Layer-2 solution, is gearing up to integrate about 1,000 new projects soon.
Presently, Shibarium is focused on community-driven initiatives, including non-fungible tokens (NFTs), decentralized exchanges (DEXs), and other decentralized applications (dApps). With the planned expansion, Shibarium sits with a total value locked (TVL) of $808,810, as recorded by DefiLlama.
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