Shiba Inu has made headlines yet again, this time due to a significant increase in burn rate rather than the presence of Shibarium. According to reports, the said meme token has experienced triple-digit and even four-digit price increases in the last few months. At the time of writing, the tasset’s burn rate had surpassed 10,000%.
According to some reports, the increase in the burning rate of Shiba Inu is related to Crypto.com’s recent action. Which, it was reported that in the last 24 hours, the highest burn of 19,400,000 was recorded by wallet address 0x463…758. On the other hand, Etherscan data revealed that the said transaction, which occurred on February 7, was executed by a wallet address belonging to Crypto.com.
SHIB Burn Rate Soars
Shibburn, a website burn tracker, has issued an update claiming that the rate at which SHIB meme tokens have been transferred to dead-end wallets has increased by more than 708% in the last 24 hours. As of this writing, the SHIB army is said to have burned 7,244,258 Shiba Inu in total.
However, the observed burn rate increase has not yet been reflected in the price of the dog-themed meme coin, which has yet to show significant progress. The price of Shiva Inu was seen to have dropped by 8%, starting at $0.00001368 and later dropping to $0.00001260.
Despite the reported increase in burn rate, the SHIB token was expected to have fallen by 6% in the last 24 hours. The SHIB price was allegedly behaving in correlation with the burn rate, but it also echoed the SHIB price’s negative behavior.
Shibarium Beta Release Extends Shiba Inu’s High Streak
Shytoshi Kusama, the lead developer of Shiba Inu and Shibarium, was supposed to put an end to a Twitter debate about when Shibarium would be released. Which he responded, “next week,” the developer was also seen changing his Twitter bio by adding a “fire emoji” and “on schedule” to it.
According to reports, the layer-2 protocol Shibarium would enable SHIB users and developers to conduct fast and low-cost transactions. Developers would also be able to create dApps and launch smart contracts on the platform. The developer also stated that a large amount of SHIB is expected to be burned following the release of Shibarium.
The Shiba Inu network, on the other hand, was seen to have reached another milestone, with 1.3 million meme currency holders at the time of writing. According to reports, the network’s total number of unique addresses has been hovering around 1.2 million zones for some time.