Shiba Inu’s price has fallen over 20% on the weekly index as an official launch date for Shibarium continues to elude.
The much-awaited Layer 2 scaling protocol is speculated to launch on Valentine’s Day, touted to transform the meme coin’s ecosystem. It is also set to address the issue of high cost and slow speed of transactions.
However, the Shiba Inu ecosystem’s pseudonymous head developer Shytoshi Kusama responded to the SHIB army’s worries over the lack of excitement surrounding Shibarium.
Kusama responded that the “awfully quiet” was only “temporary,” downplaying the situation.
However, he then explained that because it “does not happen by the switch,” he is unable to guarantee any precise information regarding when Shibarium will be released.
As a result, the developer has dashed hopes that the scaling protocol would be released on Valentine’s Day, something he was hinting at before by suggesting that it would arrive in a “heart-shaped box.”
On the other hand, over 100 million Shiba Inu were sent to dead wallets per an update found on the website of the Shibburn tracker, which accumulates data on burn transactions on Etherscan,
In the last seven days, the SHIB army has managed to burn a total of 102,145,155 SHIB from the supply in circulation. In order to accomplish that, around 28 transactions were conducted.
Although the efforts, the burned SHIB tokens, roughly worth $1,290, are still a long way from the peak reached, despite appearing substantial in meme token terms.
Another interesting development was that the meme token’s trading volume jumped nearly 50% as traders weighed the possibility of SHIB’s next price move.
Shiba Inu’s Trading Volume Up By 50%
Data from CoinMarketCap showed that at the time of writing, over 33 billion SHIB worth nearly $415, million have been swapped in the last 24 hours.
Trading volume, or the amount that buyers and sellers exchange, is frequently used to determine where investors or traders stand.
On the price front, the 13th-ranked token is trading at $0.000012, down by over 3% in the past 24 hours.
This is consistent with the current slump in the cryptocurrency market caused by worries about the U.S. crackdown on cryptocurrencies.