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Shiba Inu (SHIB) Burn Rate Go Past 700% after the Official Shibarium Confirmation

Mushu Butt by Mushu Butt
February 22, 2023 - 3:30 pm
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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.

Wen he is right you owe him an apology.

— Shytoshiâ„¢ (@ShytoshiKusama) February 18, 2023

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.

Tags: AltcoinsCryptocurrencyMemecoinSHIBShibaInu
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Mushu Butt

Mushu Butt

Mushu Butt is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media.In addition to being a skilled content writer, Mushu is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushu enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for Blockchainreporter.

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