The burn rate of SHIB tokens has skyrocketed by 26462% over the last 24 hours. According to Shytoshi Kusama, the lead developer of Shiba Inu, Shibarium, the Layer-2 blockchain, will be launched this week. As Coingape reported, in anticipation of this highly anticipated release, the developers and social media admins of Shiba Inu have also cautioned the community about the increasing number of scams related to the Shibarium project.
Shiba Inu (SHIB), is a decentralized cryptocurrency that operates on the Ethereum blockchain. Created in 2020 it has gained popularity due to its dog-themed branding and low transaction fees. Moreover, it is the second largest meme coin having an enthusiastic community termed “SHIB Army.”
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The SHIB Burn continues
The community has burned a significant amount of Shiba Inu tokens, as the meme coin has achieved important milestones in terms of holders and crypto trading since the start of the year. In the previous 24 hours, the SHIB burn rate has risen by approximately 26462%, resulting in the burning of 1,948,383,102 SHIB tokens. Wallet address 0xcf6daab95c47610…3287ffdeaa was responsible for the largest burn of 115,317,929 SHIB in the past 24 hours.
This positive trend of SHIB burns has been consistent since the beginning of 2023 and may be attributed to the upcoming launch of Shibarium, as meme coin enthusiasts anticipate that this layer 2 blockchain will facilitate even more SHIB burns and boost the burn rate.
The price of Shiba Inu Coin rises
The high burn rate led to a shooting up in the SHIB price. The token has gone up over 2% in the last 24 hours. Each SHIB token is currently trading at 0.00001096 USD. However, the market cap has come down to 6.01 billion USD and trading volume escalates by 71.79%.
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