The burn rate of SHIB tokens has skyrocketed by 26462% in 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, Shiba Inu’s developers and social media managers have also warned 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. It was founded in 2020 and has gained popularity thanks to its dog-themed branding and low transaction fees. In addition, it is the second largest meme coin with an enthusiastic community called “SHIB Army”.
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The SHIB Burn continues
The community has been burning a significant number of Shiba Inu tokens as the meme coin has achieved significant milestones in terms of holders and crypto trading since the start of the year. In the last 24 hours, the SHIB burn rate has increased by about 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 early 2023 and can be attributed to the upcoming launch of Shibarium, as meme coin enthusiasts expect this layer 2 blockchain to facilitate even more SHIB burns and increase the burn rate.
The price of Shiba Inu Coin rises
The high burn rate caused a shootout in the SHIB award. The token is up more than 2% in the past 24 hours. Each SHIB token is currently trading at USD 0.00001096. However, the market cap has dropped to USD 6.01 billion and the trading volume is escalating at 71.79%.
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