Shiba Inu (CRYPTO: SHIB), a prominent meme coin powered by the Ethereum (CRYPTO: ETH) network, is encountering a turbulent market on Thursday.

Shiba Inu: A Layer-2 Network

Shiba Inu is a Layer-2 network that aims to handle crypto transactions more efficiently and quickly. It is used for Web3 applications.

What Happened: Amid a broader crypto market downturn on Thursday, Shiba Inu's fundamentals are showing strength.

The token's burn rate skyrocketed by 112,839% in a single day, with over 97 million SHIB being permanently removed from the total supply in one transaction. This was achieved through a contribution to the Shiba Inu Community Treasury.

This was reportedly seen alongside a 93.3% surge in large "whale" transactions and a large uptick in daily transactions on its Shibarium network to 4.5 million.

In a move to further bolster its ecosystem, SHIB recently announced a partnership with AI-powered gaming platform TokenPlayAI.

Shiba Inu is expanding its ecosystem with a Layer-2 network called Shibarium, which is focused on increasing transaction speeds and utility. It is also being used to introduce new use cases for the SHIB token.

The rapid rise in SHIB's burn rate follows reports of a partnership between Shiba Inu and advertising agency Web3.Town to launch an "exclusive NFT collection."

Shiba Inu is a popular altcoin that is known for its strong community and its role in the meme coin space. It is one of the most widely held cryptocurrencies.

Shiba Inu Price Action: According to Benzinga Pro, Shiba Inu is currently trading at $0.000012, down by 2.65%.