Shiba Inu (SHIB) Burn Rate Jumps 69% As Lead Dev Plans to Reveal Identity

While SHIB Army is undertaking the commitment to burn some serious SHIB, Shytoshi Kusama aims to show his face.

The Shiba Inu (SHIB) community has a lot to look forward to heading into 2023, as the leading developer Shytoshi Kusama recently declared that Shibarium “will come very soon.” However, the wait for the SHIB Army is longer than expected. Many holders of the canine memecoin expected the Layer-2 solution to drop this year. But the community may be sated for now by another titbit, as Shytoshi teased his true identity.

Shibarium would lay the foundation for other significant projects in SHIB’s Ecosystem. These include SHIB: The Metaverse and Shiboshi NFTs, to name a few. The ERC-20 token, destined to challenge the top dog memecurrency Dogecoin (DOGE), is slowly transforming into a self-sufficient ecosystem.

SHIB Burn Rate Spikes After Kusama’s Message

As the SHIB community continues the wait for Shibarium, Shytoshi Kusama’s holiday greeting seems to have comforted many holders of the super popular canine coin. This is revealed by the suddenly increased SHIB burning rate, which is 69% in the green at the time of the publication.

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This comes just a day after Shytoshi Kusama declared on SHIB Token’s official Discord channel that he is preparing to reveal his identity. “You don’t just align and disrupt an industry and stay invisible.”

In response, the community has divided into two camps, with some arguing that “SHIB is ’bout to get real,” while others regard the move as simply a publicity stunt and are tired of waiting for Shibarium.

Things Are Heating Up for Shiba Inu

Yesterday, a whopping 22 million SHIB tokens were sent to the bottomless pit. But the baffling number of 22,465,336 coins set aflame over the past 24 hours is just a tiny taste. SHIB SuperStore, the unofficial SHIB burning project, holds weekly burning events.

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With the most recent one occurring on Boxing Day, the project led by crypto enthusiast Travis Johnson has already burned 1.3bn SHIB tokens. The Boxing Day SHIB burning ceremony totaled 19.2 million SHIB set ablaze. An additional 19 million were also awarded to the SHIB Discord community as a Christmas gift.

On the Flipside

  • Despite the plunging SHIB market price, the underdog memecurrency caught up with DOGE in Twitter followers. Both canine tokens now have 3.5 million.
  • While the yearly perspective shows a 79.6% deficit, SHIB enjoyed a steady growth of total wallet numbers, indicating that it is a long-term investment.

Why You Should Care

The mega-popular memecurrency SHIB is among the top three most searched cryptos in 2022. The Japanese guard-themed crypto has made waves on social media and brought along many retail investors.

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.

Author
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.