• Shiba Inu (SHIB) is currently trading at $0.00001153 and is 0.43 percent down.
• Lead developer Shytoshi Kusama recently confirmed that trillions of SHIB coins will be reportedly burnt with the release of their Layer 2 platform Shibarium.
• There have been multiple large SHIB movements between anonymous crypto addresses in the month of January.
The Shiba Inu (SHIB) community has been anxiously awaiting the launch of Shibarium, the Layer-2 scalability network. This comes as the burn rate of SHIB has been tanking. However, lead developer Shytoshi Kusama recently confirmed on discord that trillions of SHIB coins will be reportedly burnt with the release of the Layer 2 platform Shibarium.
This news is certainly a welcome relief for the Shiba Inu community. Currently, Shiba Inu (SHIB) is exchanging hands at $0.00001153 and is 0.43 percent down. The dog-themed crypto was performing well last week when the SHIB price had jumped 20 percent in a day to reach $0.00001273. But it failed to continue the momentum and is still trading down from the high.
The recent news of the burn rate uptick is further corroborated by the crypto tracking platform Whale Alert. The platform had recently detected a single transfer of 3,312,307,240,798 Shiba Inu meme coins between anonymous crypto addresses. On Thursday, the SHIB price rallied by 4 percet, however, fails to continue the momentum.
The Shibarium release and the confirmation of the burning of trillions of SHIB coins is likely to be a game changer for the Shiba Inu community. The crypto asset has been facing issues due to its massive supply, and the burn rate has been declining. The confirmation of the burn rate uptick with the Shibarium release might bring much-needed relief to the community.
The Shiba Inu community is now eagerly awaiting the launch of Shibarium. The beta launch of Shibarium has been teased quite a few times recently and is expected very soon. If successful, the launch could provide the much-needed push to the SHIB price and could drive it up to $0.01. In the meantime, follow us for the latest crypto news!