Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer’ Shiba Inu (CRYPTO: SHIB),  has seen a spike in the burning of its tokens, exceeding a 1,500% increase within a single day. 

What Happened: Shibburn, a Shiba Inu burn rate tracker, revealed the elimination of 61 million SHIB tokens from the actively traded supply. 

The burn comes as a result of three unidentified parties who transferred 59 million SHIB tokens to a “dead” address, thereby taking them out of circulation.

The project’s marketing leader Lucie S announced that Shibarium, their Layer-2 solution, is gearing up to integrate about 1,000 new projects soon. 

Presently, Shibarium is focused on community-driven initiatives, including non-fungible tokens (NFTs), decentralized exchanges (DEXs), and other decentralized applications (dApps). With the planned expansion, Shibarium sits with a total value locked (TVL) of $808,810, as recorded by DefiLlama.