Shiba Inu Price Rally Fails to Continue as Trillions of SHIB Coins Burn
• Shiba Inu (SHIB) lead developer Shytoshi Kusama recently confirmed that trillions of SHIB coins will be reportedly burnt with the release of the Layer 2 platform Shibarium.
• Crypto tracking platform Whale Alert detected a single transfer of 3,312,307,240,798 Shiba Inu meme coins.
• The SHIB price rallied by 4 percent on Thursday, however, fails to continue the momentum.
The Shiba Inu community is eagerly awaiting the launch of its Layer-2 scalability network, Shibarium. The long-awaited platform is expected to usher in a new wave of activity and enthusiasm among the community members. Lead developer Shytoshi Kusama recently confirmed that trillions of SHIB coins will be reportedly burnt with the release of the platform.
The crypto tracking platform Whale Alert recently detected a single transfer of 3,312,307,240,798 Shiba Inu meme coins between anonymous crypto addresses. This massive number of SHIB coins on the move generated a lot of buzz in the crypto community. With this news, the SHIB price rallied by 4 percent on Thursday. However, the dog-themed crypto failed to continue the momentum and is still trading down from last week’s high of $0.00001273 when the SHIB price had jumped 20 percent in a day.
The current SHIB burn rate has been tanking, but the upcoming Shibarium release will hopefully drive the burn rate up. This could in turn drive the price of SHIB up to the $0.01 mark. There is a lot of speculation in the crypto community about the potential impact of the Shibarium release.
It remains to be seen what the actual effect of the Shibarium release will be and whether it will be able to drive the SHIB price to $0.01. Until then, the community waits with bated breath for the launch of the platform.