It appears that the latest headlines regarding the lead Shiba Inu (SHIB) developer announcing the launch of Shibarium beta “next week,” which likely implies this week after the announcement on Sunday, has driven a spike in the burn rate of Shiba Inu, reaching a new high.
In the past 24 hours, the rate at which Shiba Inu tokens have been moved to dead-end wallets has increased by nearly 708%, according to the latest update on the website called Shibburn. This time, the collaborative power of the SHIB army has enabled the burning of about 7,244,258 Shiba Inu. The burn rate hasn’t really increased yet this week until this point.
Recently, there hasn’t been much increase in the price of the well-known memecoin. Since February 16th, Shiba Inu has lost about 8% of its value, falling from $0.00001368 to $0.00001260 over the past week. While the SHIB burn rate often exhibits a correlation with the price, it has lately mirrored the price’s declining trend.
Shytoshi Kusama Confirms Shibarium Beta Release
The lead developer of Shiba Inu and Shibarium, who goes by the pseudonym Shytoshi Kusama on Twitter, confirmed that Shibarium will be released next week on Sunday while participating in a discussion on the social media platform.
The next thing he did was edit the bio part of his Twitter profile, where he added the phrase “on schedule” and a “fire emoji.” Shibarium, a layer-2 protocol, will make it possible for SHIB users and developers to conduct transactions quickly and at a cheap cost.
Shiba Inu developers will be able to deploy smart contracts and develop decentralized applications (dApps) on the platform. The community believes that when Kusama emphasized that vast numbers of SHIB will be burned after the release of Shibarium, he was referring to trillions of Shiba Inu tokens.
