SHIB Burn Rate Soars 1081 Percent, Anticipating Shibarium?

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According to Shiba Inu (SHIB) burn rate portal data, the burn rate or destruction of SHIB tokens jumped 1081.96 percent. The surge was caused by a single transaction from the Shib Burn Project which destroyed tokens reaching 127.8 million SHIB worth US$1,143.

The Shib Burn project has three sources of revenue, namely Twitter Super Followers, burn rate data site ShibBurn.com and Shib Burn Radio. The project has donated 40 percent of profits for the culling of Shiba Inu tokens.

Waiting for Shibarium, SHIB's Burn Rate Soars

The Shib Burn website reveals that the 127 million SHIB destroyed came from just one source of income. Profits from Twitter Super Followers and Shib Burn Radio are yet to be counted.

Among the planned Shiba Inu updates, Shibarium is the most anticipated by the Shiba Army community. SHIB investors expect the launch of Shibarium to have a positive impact on the price of the memecoin token.

Shiba Swap developer Shytoshi Kusama said that nothing would stop the development of Shibarium. This statement was supported by the SHIB community who requested that Shytoshi prioritize the launch of Shibarium, even if he had to postpone other projects.

Shytoshi's message strengthened the faith of SHIB fans and users.

Shibarium, a layer-2 solution for SHIB, was originally planned to be live in the third quarter of 2022. However, the development team was forced to postpone the launch due to technical constraints.

Despite the delays, the Shiba Inu team made a promise to the SHIB community that Shibarium will launch in the near future after the third quarter.

The SHIB price experienced a positive movement in the last 24 hours because it strengthened 8.7 percent. In addition, SHIB's market capitalization has once again climbed above US$5 billion after dropping below that figure.

But SHIB hit a major roadblock after it dipped below US$0.00001. Currently, Watcher Guru reports that the SHIB price is at US$0.00000904.

SHIB transaction volume has also skyrocketed with token movements reaching one trillion SHIB. The 160 billion SHIB that was transferred is owned by crypto exchange Crypto.com, because the exchange makes transfers between wallets.

Not long ago, Crypto.com reported that 20 percent of their reserve funds are stored in the form of SHIB.

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