- Swiss blockchain equipment manufacturer Tangem contributed 344M in burns.
- SHIB Burn tracker breaks through the 1 billion mark, equivalent to over $10,000.
- Shibarium L2 mainnet is slated for launch this week at the ETHToronto conference.
The Shiba Inu burn tracker Shibburn introduced a weekly report summarizing all the community’s SHIB burning transactions. In its latest update, Shibburn reported 1,164,755,557 canine tokens set ablaze in 217 transactions in the last seven days.
With 80% of the burns coming on August 12th, 2023, this breaks the barrier of one billion Shiba Inu tokens set aflame. Previously, the hottest day for SHIB Burn was July 10th, 2023, when Akai Token sent over 803 million tokens to an unretrievable wallet.
BTC Decoupling Sends SHIB Price Up
The burning transactions come amid growing Shibarium mainnet hype. Tomorrow, the highly-anticipated Blockchain Futurist Conference in Toronto, Canada, will likely host the introduction of Shibarium L2. These developments have also skyrocketed the price of $BONE, the gas fee and governance voting token for Shiba Inu’s Layer-2 solution.
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While the Layer-2 scaling solution for the ERC-20 token Shiba Inu aims to detach $SHIB from Ethereum (ETH), Shiba Inu’s market price seems to have reached a decoupling point from Bitcoin. Currently, the on-chain metrics point to a negative -0.41 price correlation with $BTC.
Part of the latest Shiba Inu burning campaign is fueled by the Swiss blockchain equipment manufacturer Tangem, which provides card-shaped cold storage wallets for the SHIB Army. Tangem also released a YouTube tutorial for new users, showing how to safely access the crypto funds on the app.
Shiba Inu is changing hands at $0.00001048 with a 0.7% daily uptrend. In the last seven days, it scored 16.9% gains to claim $0.00001119, crossing past Litecoin (LTC) in the crypto charts. Currently, the #14 ranked canine coin is back above the $6bn market cap and is enjoying continuous momentum.
On the Flipside
- Part of the SHIB community on Crypto Twitter argues that the numbers should be in the hundreds of billions in $SHIB to make a significant difference in market value.
Why This Matters
Shiba Inu’s stride for decentralization comes with multiple new adoption opportunities and utility cases.
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