SHIB Burn Rate Drops By 100%; Over 800 Billion SHIB Unstaked; What’s Happening?

Shiba Inu Coin News: Shiba Inu’s (SHIB) upcoming Shibarium blockchain has already landed into controversy. It is alleged that the Shiba Inu developers have copied Rinia which is a different project. The allegations have made a major impact on the recent decline of the Shiba Inu price. In the meantime, crypto whales have made their move.

800 Bln Shiba Inu Unstaked

As per the data provided by WhaleAlert, a crypto whale moved 800 billion Shiba Inu coin from the Shiba Inu staking to an unknown wallet. This implies that the whale unstaked $8.23 million worth of SHIBs from the program amid the speculation of the Shibarium code being copied.

Shiba Inu coin price fell as much as 10% over the last 24 hours. SHIB is trading at an average price of $0.000010, at the press time. Its 24 hour trading volume is down by 27% to stand at $374 million.

However, Shiba Inu went to takeover Tron (TRX) and Litecoin (LTC) in terms of market capitalization. Shiba Inu is holding a market of $6.1 billion. Read More Shiba Inu Coin News Here…

Also Read: Shiba Inu Developer Admits Blunder With Shibarium Beta Chain ID

Bad Day For SHIB?

March 16, 2023, seems to be a bad day for the Shiba Inu Community as its burn rate has also registered a mega decline. SHIB burn rate is down by almost 100%. The ShibArmy sent around 14 million SHIB tokens in the last 24 hours.

SHIB INFORMER in a statement stated that the code that needs to be changed is not the program, while it is simply the network number that happens to be used on other test nets.

He added that the clash here is simple, someone using a number (Code) that was free, while someone else thought the same. However, one of the teams needs to change the number.

Also Read: XRP Lawyer Looks To Build Union Against US SEC Enforcement

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]