Shibarium burns $1.5M worth of SHIB amid price struggles

Shiba Inu's (CRYPTO:SHIB) Shibarium scaling solution has been active since August 2023, significantly influencing the ecosystem.

According to LUCIE, a key member of the Shiba Inu team, Shibarium has already burned tokens worth over $1.5 million, reducing the circulating supply and increasing scarcity.

In addition to its burning mechanism, Shibarium has enabled low-cost transactions, making it easier for users to trade SHIB for just pennies.

This functionality is aimed at enhancing the meme coin's accessibility and practicality for daily use.

Furthermore, Shibarium has laid the groundwork for future developments within the Shiba Inu ecosystem, including staking and governance systems.

"Most importantly, Shibarium has solidified $SHIB’s reputation as one of the strongest assets in crypto. The recognition SHIB has received, even from Forbes, wasn’t achieved by social media hype, but through the efforts of a dedicated development team that built Shibarium and delivered real progress for the ecosystem," LUCIE said.

Despite these advancements, SHIB's price has faced challenges.

In the past two weeks, the token has dropped 25%, aligning with the broader decline in the meme coin sector.

Shiba Inu's price struggles mirror the overall cryptocurrency market correction, which has also affected other meme coins like Pepe (CRYPTO:PEPE), Bonk Inu (CRYPTO:BONK), and Floki Inu (CRYPTO:FLOKI).

Shibarium's progress, including over 675 million transactions and more than 2 million wallet addresses, shows its potential to boost SHIB in the future.

However, the market's volatility remains a concern as SHIB continues to face price setbacks, even with the protocol's ongoing development and positive impact on the Shiba Inu ecosystem.

At the time of reporting, the price of Shiba Inu (SHIB) was $0.00002177.