Shiba Inu’s quest to slash circulating supply is paying off since the ecosystem’s burn rate recently hit an astonishing 18,592%, according to Shibburn data.

Shibburn pointed out, “In the past 24 hours, there have been a total of 283,888,884 SHIB tokens burned and 5 transactions.”

Therefore, the high burn rate points to enhanced scarcity in the Shiba Inu ecosystem, which is bullish since it can trigger higher prices over time.

As a Layer-2 (L2) network developed by Shiba Inu, Shibarium drives the ecosystem’s burn rate higher because it’s designed to minimize gas fees and enhance transaction speeds. Thanks to the cost-efficient measures deployed, Shibarium enables SHIB to be user-friendly.

According to CoinGecko data, Shiba Inu has been enjoying the benefits of the heightened burn rates since its price was up by 2.2% in the past week to hit $0.00001782 at the time of writing.

Ki Young Ju, the CEO of CryptoQuant, recently stated that meme coins, such as Shiba Inu, would become more relevant if they helped solve social issues through donations and conservation measures.

Meanwhile, Shytoshi Kusama, a leading SHIB developer, recently addressed concerns about the ownership of Shiba Inu wallets worth billions.

Kusama noted, “It’s come to my attention that individuals have claimed to own the billion dollar Shib wallets. I suggest that interested parties confirm this is the case before blindly believing such a wild claim.”

The developer insisted that those making such claims should offer authentic proof of ownership.