Shiba Inu (SHIB), the popular meme coin, has experienced a significant surge in its burn rate, with over 81 million tokens removed from circulation in the past 24 hours alone. This remarkable increase, exceeding 4,000%, underscores the ongoing success of the burn program, which aims to reduce the vast supply of SHIB tokens, potentially increasing their scarcity and value over time.

Throughout the month of April, nearly 1.7 billion SHIB tokens were destroyed as part of the burn initiative, highlighting its effectiveness in gradually reducing the circulating supply of the meme coin. As a result, SHIB's price has climbed by 6% weekly and has surged over 150% since May of the previous year, solidifying its position as the second-largest meme coin by market capitalization, approaching $15 billion.

Shibarium's Potential Role

In addition to the burn program, the recent revival of Shiba Inu's price may also be attributed to the development of Shibarium, a layer-2 scaling solution aimed at enhancing the token's performance and utility within the meme coin ecosystem. Shibarium seeks to improve transaction speed, scalability, and cost efficiency, thereby addressing key limitations faced by existing meme coins.

The Shibarium network recently underwent two significant upgrades to bolster its capabilities and user experience. In mid-April, a new user interface (UI) update was introduced, boasting enhanced speed, smoothness, and accessibility. This update aimed to improve compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet, and Trust Wallet, making it easier for users to interact with the Shibarium platform.

Following the UI update, developers implemented a "hard fork" to further refine the network's performance and functionality. This upgrade aims to streamline block processing times, enhance transaction fee predictability, and empower the community of developers and innovators within the Shibarium ecosystem.

By continually enhancing the efficiency and usability of Shibarium, the development team aims to position Shiba Inu as a leading player in the meme coin space, offering users a faster, more scalable, and cost-effective platform for meme coin transactions and interactions.