In April, more than 1.6 billion SHIB tokens were taken out of circulation, leading to a significant increase in the burn rate for Shiba Inu. Today, over two million tokens were eliminated from circulation, even though the price of SHIB remains low due to a general correction in the cryptocurrency market.

The recent spike in the burn rate for Shiba Inu on May 1 saw a 90% increase compared to the previous day, resulting in the removal of over two million tokens from circulation. More than 1.7 billion SHIB tokens were burned last month in 204 transactions, with most of the destroyed assets transferred to the Contract Address. Developers of the meme coin clarified that this surge in burning was not due to any major news, but rather mistakes made by individuals sending tokens to the wrong addresses and losing their investments.

The burning program for SHIB aims to decrease the vast supply of tokens to make them rarer and potentially more valuable in the future. Despite these efforts, the price of the meme coin has dropped by over 20% in the past week, reflecting the overall decline in the crypto market.

One potential trigger for a rally in SHIB could be the development of Shibarium, Shiba Inu's layer-2 scaling solution. Since its launch in August last year, Shibarium has achieved several milestones, with over 400 million total transactions being processed. The platform recently underwent a UI update to enhance compatibility with popular self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet, prioritizing user experience and speed.

An upcoming hard fork on May 2 will further improve Shibarium, aiming to enhance user experience, speed up block processing times, and empower developers and innovators within the community. The main goal of Shibarium is to position Shiba Inu as a leader among meme coins by reducing transaction fees and increasing speed.