- Amid the tanking SHIB burn rate, lead developer Shytoshi Kusama assures an uptick in burn rate with the Shibarium release.
- More than 3 trillion SHIB coins have been recently on the move between anonymous crypto addresses.
The Shiba Inu community has been now waiting eagerly for the launch of its Layer-2 scalability network Shibarium. The beta launch of Shibarium has been teased quite a few times recently and is expected very soon.
Currently, Shiba Inu (SHIB) has been exchanging hands at $0.00001153 and is 0.43 percent down. the one thing that’s holding up Shiba Inu from performing well is the massive supply and the decline in the burn rate of the memecoin.
However, Shiba Inu lead developer Shytoshi Kusama recently confirmed on discord that trillions of SHIB coins will be reportedly burnt with the release of the Layer 2 platform Shibarium. The announcement comes just as a massive number of SHIB coins have been on the move between anonymous crypto addresses, as reported by the crypto tracking platform Whale Alert.
The crypto tracking platform had recently detected a single transfer of 3,312,307,240,798 Shiba Inu meme coins. On Thursday, the SHIB price rallied by 4 percet, however, fails to continue the momentum. The dog-themed crypto is still trading down from last week’s high of $0.00001273 when the SHIB price had jumped 20 percent in a day.
🚨 🚨 3,312,307,240,798 #SHIB (38,257,148 USD) transferred from unknown wallet to unknown wallethttps://t.co/0mdLkwpPQQ
— Whale Alert (@whale_alert) January 26, 2023
During the month of January, there have been multiple such large SHIB movements and similar transactions reported between unregistered owners. These could also be the “internal transactions made by exchanges or whales redistributing their wealth.”
Furthermore, there’s been a noticeable decline in the SHIB burn rate. On Thursday, the burn rate tanked by 100 percent. During this span, as little as 238,419 SHIBs were burned.
SHIB burn rate and Shibarium
As the SHIB burn rate has dropped considerably, the community has expressed concerns. But lead developer Shytoshi Kusama said that the ultimate goal is burning trillions of dollars worth of SHIB coins alongside the release of the Layer-2 scalability solution Shibarium.
While several of the altcoins have participated in the crypto market rally since the beginning of 2023, Shiba Inu to has joined the party. Since the beginning of 2023, the SHIB price has up by more than 35% competing with other big altcoins such as Polygon’s MATIC, Litecoin (LTC), Aptos (APT), etc.
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As per the MVRV-Z score indicator, the SHIB price is largely undervalued even now and holds the potential to rally another 75 percent two months from now.
Another major reason behind the SHIB price surge has been of course the soon-approaching launch of Shibarium. A lot of development has also been taking place in this ecosystem recently. Popular influencer SHIB Knight recently hinted at the development of the Shibarium bridge in order to move assets between the Layer-2 platform and Ethereum. Additionally, crypto hardware wallet maker Ledger has also confirmed support for Shoibarium upon launch.