Shiba Inu Coin: SHIB Burn Jumps 13,198% In 24Hrs, Is It Shibarium Related?

Shiba Inu’s burn rate skyrockets 13,198% in the last 24 hours, as per the SHIB burn tracker Shibburn. The massive burn rate is linked to the return of whales and the anticipated launch of the Layer-2 blockchain solution Shibarium in early 2023. Volatility also increased in the last few days, which indicates SHIB price may start to rally higher.

Shiba Inu Burn Rate Rises Massively Ahead of Shibarium Launch

According to the Shibburn website, 302,506,518 Shiba Inu (SHIB) tokens were burned in the last 24 hours, up 13,198% from the previous day’s burn. The massive increase in the SHIB burn was contributed by only 5 transactions to remove Shiba Inu tokens from the circulating supply.

There has been a substantial increase in the burn rate this month, making the rise in the burn rate in the last 24 hours more significant. In the bear market, Shiba Inu has suffered selloffs by whales. However, whales seem to have been returning back to the community, either buying significant amounts of SHIB or sending them directly to the burn address.

In an effort to reduce the massive supply of the crypto industry’s top meme cryptocurrency, a Shiba Inu address sent 297,290,339 SHIB tokens to the burn address. The Etherscan data also show that the whale is selling other tokens to respective null addresses.

SHIB Army expects the anticipated launch of Shibarium in early 2023 by picking up hints from core developer Shytoshi Kusama and the official Twitter handle of the Shiba Inu ecosystem.

Will SHIB Price Rally in 2023?

Shiba Inu ecosystem tokens SHIB and BONE saw over 5% jump on Friday due to whale accumulation amid speculation of Shibarium launch in early 2023.

Whales tracking platform WhaleStats reports that SHIB is the top 10 purchased tokens amongst the biggest Ethereum whales in the last 24 hours. A whale purchased 862,364,719,323 SHIB tokens from Bitvavo on December 29. The whale transferred all SHIB holdings to a new address that has over 3 trillion SHIB tokens.

The SHIB price is currently trading at $0.000008045, down 1% in the last 24 hours. The trading volume has also decreased in the last 24 hours due to New Year’s Eve.

Also Read: Ripple’s XRP Price In Danger Zone, Will It Go Up Or Crash Down Harder?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.