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- Amidst the tanking SHIB burn rate, lead developer Shytoshi Kusama confirmed an increase in burn rate with the release of Shibarium.
- More than 3 trillion SHIB coins have recently moved between anonymous crypto addresses.
The Shiba Inu community has now been waiting eagerly for the launch of the Shibarium Layer-2 scalability network. The Shibarium beta launch has been teased a number of times recently and is expected to be soon.
At the moment, the Shiba Inu (SHIB) was changing hands at $0.00001153 and was down 0.43 percent. one thing that hinders the good performance of the Shiba Inu is the massive supply and decreased burning rate of memecoin.
However, lead Shiba Inu developer Shytoshi Kusama recently confirmed the dispute that trillions of SHIB coins will reportedly be burned with the release of the Layer 2 Shibarium platform. The announcement comes just as a large number of SHIB coins have moved between anonymous crypto addresses, as reported by the tracking platform. crypto Whale Alert.
The crypto tracking platform recently detected a single transfer of 3,312,307,240,798 Shiba Inu meme coins. On Thursday, SHIB prices strengthened by 4 percent, but failed to continue the momentum. The dog-themed crypto is still trading off last week’s high of $0.00001273 when the price of SHIB surged 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 January, there have been several large SHIB transfers and similar transactions reported between unregistered owners. It can also be “an internal transaction made by an exchange or a pope redistributing their wealth.”
In addition, there is a marked reduction in the SHIB burn rate. On Thursday, the burn rate fell 100 percent. During that time, at least 238,419 SHIB were burned.
SHIB and Shibarium burn rates
As the rate of SHIB burning has dropped dramatically, the community has expressed concern. But lead developer Shytoshi Kusama says his ultimate goal is to burn trillions of dollars worth of SHIB coins along with the launch of his Layer-2 scalability solution Shibarium.
While several altcoins have participated in the crypto market rally since the start of 2023, Shiba Inu has joined the party. Since early 2023, the price of SHIB has increased by more than 35% in competition with other major altcoins such as MATIC Polygon, Litecoin (LTC), Aptos (APT), etc.
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According to the MVRV-Z score indicator, the price of SHIB is already largely undervalued even now and has the potential to rise another 75 percent two months from now.
Another main reason behind the surge in SHIB prices is of course the imminent launch of Shibarium. A lot of development has also taken place in this ecosystem recently. Popular influencer SHIB Knight recently hinted at developing a Shibarium bridge to move assets between Layer-2 platforms and Ethereum. Apart from that, crypto hardware wallet maker Ledger has also confirmed support for Shoibarium at launch.
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