Shiba Inu’s (SHIB) Price Reclaims Support as SHIB Burn Rate Shoots up 590%

Shiba Inu manages to stay afloat as SHIB community intensifies the burning procedure.

Shiba inu (SHIB) burning working out exercise hot fire

The dog-themed meme currency Shiba Inu (SHIB) is back on track, recording a day in the green after a cold week brought on by the crypto winter. The bullish price movement comes just a day after Shiba Inu (SHIB) was included in a partnership deal between Google Cloud & Coinbase

In other positive news for the popular meme token, SHIB managed to reclaim the #12 spot among cryptos by total market capitalization. The achievements catalyzed a mini bull run for Shiba Inu’s (SHIB) market price, which has grown 7% in the last 24 hours. At press time, the Japanese dog-themed crypto is priced at $0.00001042, according to CoinGecko.

SHIB Burn Rate Accelerates Ahead of Shibarium

The Shibburn community bonfire had some great news for the SHIB Army on Friday morning, as the last 24 hours saw more than 132 million of the SHIB Army’s beloved Shiba Inu (SHIB) meme tokens set ablaze, marking a significant 590% daily increase. Indeed, crypto Twitter is full of motivated enthusiasts who have decided to contribute to the cause. To illustrate, moments before publishing, one investor  burned 3 million Shiba Inu (SHIB) coins with a value of $312.75 in a single transaction.

The positive developments kept rolling for the Shiba Inu ecosystem, as Shibburn Radio successfully expanded with a brand new app for both Android & iOS. The Android version has so far received a brilliant rating of 4.9 out of 5 from the 500 downloads in the week since its launch. Ultimately, the New York-based radio station enables users to burn Shiba Inu (SHIB) simply by listening to today’s top hits.

Looking to the future, Shibburn is working on a deal with Visa to release the SB Visa Card, which intends to provide automatic Shiba Inu (SHIB) burning functionality with every transaction. The product would enable community members to burn SHIB in stores, online, and anywhere Visa is accepted as part of regular transactions.

What’s more, the SHIB army is speculating on when the highly-anticipated Shibarium will actually drop. At first, the developers had expected to launch the Shibarium testnet in Q3 of 2022, but delayed the release in favor of improving certain areas. The Layer-2 solution is now expected to go live sometime after Shytoshi Kusama makes the Shibarium documentation public, which Mr. Shytoshi revealed could be happening “very soon”.

Some soldiers of the SHIB army predict the Shibarium testnet to go live on October 19th, as remarked in a tweet by “SHIB 0.01”, who shared a screenshot of what is being rumored to be the documentation for Shibarium.

On the Flipside

  • Shiba Inu (SHIB) is still 13.8% in the red for the last 30 days.
  • The dog-themed token, originally dubbed the “Dogecoin (DOGE) Killer”, is down 64% in the yearly perspective.
  • Some members of the community have expressed displeasure at Shibarium’s delay.

Why You Should Care

The SHIB Army is one of the fastest-growing crypto communities in the world and hashtags like #Shiba, #ShibaInu & #SHIB are constantly trending on Twitter. Besides this, Shiba Inu (SHIB) also boasts a broad Discord community, with more than 141,000 members populating the official channel.

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.