Shiba Inu (SHIB) Burn Rate Accelerates By 123% Prior To Shibarium Upgrade

While Shibarium hints at reduced gas fees, SHIB Army keeps the fire burning.

SHIB Burn Rate Spikes 332%, Over $329 Million Shiba Inu Tokens Set Ablaze

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.

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.

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.

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

Why You Should Care

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.