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Shiba Inu (SHIB) recently drew the market's attention with a remarkable surge in burn rate. Notably, the SHIB burn rate surged over 1,000%, drastically reducing the amount of tokens in circulation. This move has heightened investor anticipation for a bullish SHIB price movement.

Soaring SHIB burn rate

According to Shiburn data, the SHIB burn rate increased by 1,068% within the last 24 hours. As a result, 51,763,782 SHIB tokens were sent to dead wallets and permanently removed from circulation.

Meanwhile, 2.44 billion tokens were scorched in the last seven days, representing a 10.57% increase in weekly burn rates. These massive burns have drastically shredded the total supply, at 589,257,325,374,679 SHIB tokens.

The recent burn activity marks one of the largest single-day reductions in the SHIB supply in recent weeks, indicating substantial community involvement. The broader market’s sentiments surrounding the meme coin turned optimistic against the backdrop of the law of supply and demand. 

This is largely reflected in SHIB’s soaring trading volume. Trading volume jumped over 109% in the last 24 hours, indicating investors’ renewed interest.

Shiba Inu ecosystem update and price impact

Recent developments in Shiba Inu’s layer-2 solution, Shibarium, have increased investors’ optimism about the meme coin. 

U.Today reported that the Shiba Inu team recently announced major upgrades for the Shibarium mainnet. The upgrade includes recent revisions to the Heimdall and Bor hard forks and a new contract for burning SHIB tokens.

Meanwhile, Shibarium has grown its Total Value Locked by 851%, starting from just $1.23 million. The robust performance of the Shiba Inu blockchain is also reflected in its on-chain performance.

Despite the 1,068% burn rate surge, SHIB's price slipped 12% in the last 24 hours, setting the price at $0.00002693. However, SHIB’s price surged over 12% in the past week, underscoring market potential amid a broader bullish landscape.