In a surprising turn of events, the burn rate of Shiba Inu’s native cryptocurrency, SHIB, has plummeted by nearly 80% over the past week, according to data provided by the Shibburn tracking platform. This comes at a time when the Shiba Inu price has experienced a recent uptick.
During the past seven days, the Shibburn platform revealed that the SHIB community transferred 259,435,386 Shiba Inu meme coins to inactive wallets. Although this signifies a decrease of 75.08% compared to the previous week, the sudden drop in burn rate has left many questioning the reasons behind this change.
Moreover, the anticipated launch of the Shibarium Layer 2 blockchain appears to be on the horizon, as indicated by a recent message from Shytoshi Kusama, the pseudonymous leader of the Shiba Inu meme coin team. While specifics remain undisclosed, Kusama’s statement strongly implies that Shibarium’s launch is either underway or imminent.
Shiba Inu Slides To 19th On CoinMarketCap
CoinMarketCap, the renowned cryptocurrency tracking website, has demoted Shiba Inu to the 19th in its rankings. This downward position shift reflects the market’s current state and the ongoing developments within the Shiba Inu ecosystem.
Shibburn’s data further highlights the decline in burn rate, with 12,109,422 SHIB burned in the past 24 hours. This represents a decrease of 33.63% compared to Sunday’s burn rate, where the SHIB army disposed of 18,246,034 Shiba Inu meme coins, resulting in a burn rate surge of 135.16%.
In addition to these recent developments, Shibburn also released statistics related to cumulative burns throughout June. Last month, an impressive 1,653,845,435 meme coins were transferred to unspendable wallets, showcasing the commitment of the SHIB community.
Shibarium Launch Strategy And Speculations
Shytoshi Kusama, in a recent post on the “Shibarium Tech” Telegram channel, hinted at a predetermined launch strategy for Shibarium. Despite requests for an accelerated launch, Kusama emphasized that the plans and launch date are unchangeable. He also mentioned that SHIB is “going somewhere” outside the United States, fueling user speculation.
Some SHIB enthusiasts speculate that Kusama’s reference to a plan and date may indicate participation in the upcoming ETHToronto conference scheduled for August 15-16 in Toronto, Canada. This possibility aligns with the notion that “everything is already set” and cannot be altered, as hinted by Kusama.
As of the past 24 hours, SHIB has experienced a minor increase of 2.15%, currently valued at $0.00000770. This adds to the overall positive trajectory of the meme coin, which has seen a 5.26% market value growth since June 30.
As the Shiba Inu community eagerly awaits further developments and the much-anticipated launch of Shibarium, the future of SHIB holds both intrigue and promise. Only time will tell how these recent events and announcements will shape the trajectory of this popular meme coin.
Related Reading: | Shiba Inu’s Shytoshi Kusama Unfolds Intriguing Teaser On Shiboshi