As Shiba Inu (SHIB) is still trying to escape the relentless bears, a switch in the direction of the market price might come faster with the SHIB Army burning millions of SHIB tokens by the hour. According to Shibburn, the burn rate of the popular memecoin has spiked by 123%, sending a gigantic amount of $127M Shiba Inu (SHIB) tokens aflame in the last 24 hours. On top of that, one user sent over $15M of $SHIB tokens to a dead wallet in a single transaction.
🔥 15,111,446 $SHIB -> transferred to dead wallet. https://t.co/O5SDwoWUSc
— Shibburn (@shibburn) August 23, 2022
This comes just weeks after Vitalik Buterin, the co-founder of Ethereum (ETH) announced that the date for the highly anticipated ‘The Merge’ is September 15th, 2022. The hype surrounding the switch to Proof of Stake ignited the altcoin race a few weeks ago. However, the community behind Shiba Inu (SHIB) is waiting for their own update, the Shibarium.
What to Expect from Shibarium?
Shibarium is a crucial upgrade to the Shiba Inu (SHIB) ecosystem. The layer-2 solution will help reduce fees even further. Moreover, the Shibarium update unites all governance tokens of the Shiba Inu (SHIB) ecosystem – $SHIB, $BONE, $LEASH, $TREAT, Shiboshis, and the upcoming stablecoin $SHI.
Everyone is talking about Merge but We #SHIBARMY are all about #SHIBARIUM
— Lucie Sasinkova ツ (@GossipShib) August 22, 2022
💥 $SHIB 💥 $LEASH 💥 $BONE pic.twitter.com/w93CRrlKvL
While the stablecoin is still in the works, the relatively new $BONE governance token has already enjoyed the spotlight with 135% gains. In addition, the SHIB Army is actively voting on $BONE to be listed on several crypto exchanges. At the minute, only one Estonian exchange listed all three ($SHIB, $BONE & $LEASH). With the demand growing, it’s very likely that some of the most popular crypto platforms are going to list the Shibarium-related tokens in the near future.
Keep Calm, #SHIBARMY. All of them will list $BONE Soon.
— Shiba Inu Evangelist (@shibainuevang) August 19, 2022
Shiba Inu (SHIB) Price Still in Dire Straits
The top dog-themed memecoin took a hit along with most of the other cryptos in the TOP 20 by market capitalization. At press time, Shiba Inu (SHIB) trades at $0.00001313, according to CoinGecko. Frowning upon a 14.4% weekly deficit, Shiba Inu (SHIB) is accumulating strength for a walk in the green woods again, with a slight 2.1% profit in the last 24 hours.
On the Flipside
- Shiba Inu (SHIB) and rival dog-themed coin Dogecoin (DOGE) price was drastically cut last week by a massive sell-off. Despite Ethereum (ETH) whales dumping both memecoins for a few days, Shiba Inu (SHIB) became the top coin by largest whale activity.
Why You Should Care
Learn more about Shibarium and $TREAT, fourth coin in Shiba Inu’s (SHIB) Ecosystem
