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- Over the past week, a record-breaking 1.1 billion SHIB tokens were burned.
- The Shibarium Layer-2 blockchain launch is eagerly awaited, promising to further boost SHIB’s utility.
Building on our prior report, while SHIB’s price has been relatively stable, the community remains hopeful that the upcoming developments will expand the project’s ecosystem and potentially lead to a price surge. The Shiba Inu ecosystem has witnessed noteworthy progress since the summer of 2021, as the project strives to advance and bring utility to its community.
Taking cue from the notable source, Shibburn, Shiba Inu has set a new weekly record, burning an eye-catching 1.1 billion tokens! This event represents a significant increase from previous weeks, wherein the number of burned tokens typically hovered in the millions. In the week leading up to this milestone, 1,164,755,557 SHIB tokens were burned across 217 transactions, amounting to a value of $12,504, as tweeted recently.
In the last 7 days, there have been a total of 1,164,755,557 $SHIB tokens burned and 217 transactions. #shib pic.twitter.com/r6Gu8qMsC4
— Shibburn (@shibburn) August 13, 2023
Surge Beyond Previous Weeks
Just the week before this milestone, only 304,764,835 SHIB tokens met their fiery end. A closer look reveals that the 12th of August witnessed an unprecedented burn event, with 751,248,497 SHIB tokens eliminated in a mere 24 hours across 106 transactions. This represents a substantial 760% boost in the SHIB burn rate, further emphasizing the coin’s rising significance.
SHIB Detaches from Bitcoin and Other Altcurrencies
The previous week not only brought good news in terms of token burns but also showcased Shiba Inu’s independent movement from Bitcoin and other altcoins. On-chain analytics firm, Santiment, highlighted an interesting decoupling trend. Adding a feather to its cap, Shiba Inu also clinched the top spot on LunarCrush’s AltRank, surpassing 4,483 other coins, owing to its impressive social and market activity.
Anticipation Builds for Shibarium
The buzz doesn’t stop there. The Shiba Inu community is abuzz with anticipation for Shibarium, the upcoming Layer-2 blockchain. Key values of this blockchain, as shared by Shiba Inu team member Lucie, encompass burning SHIB tokens, protection, assistance, and growth.
On the topic of burning, a recent update from “Shibarium 1” concerning Tangem wallets took the limelight. With over 1,007 wallets sold, a burn proposition of 5% (equivalent to 3,524 USDT) was presented. A whopping 93.8% of poll participants supported this burn, indicating the community’s fervor.
More than 1007 wallets have been sold @Tangem and as we promised about 5% burn from wallets being sold, it is 3524 USDT until now. Let’s try this, do u still want to burn $SHIB with it or what?
— shibarium1 (@shibarium_) August 12, 2023
Shibarium’s Potential Impact on SHIB’s Future
Shiba Inu’s epic journey in the crypto space is further punctuated by its surging valuation. A considerable 52.65% rise was noted in the balances of addresses with SHIB tokens valued between $1 million to $10 million. This hike, undoubtedly, stems from the impending Shibarium release, scheduled for either August 15 or 16. With Shibarium set to amplify the utility of SHIB tokens, the Shiba Inu ecosystem stands on the precipice of potential growth and expansion.
