Shiba Inu continues to destroy SHIB meme coins at slow pace as price keeps showing slow rise
Over the past few days, the Shiba Inu community has been showing a low SHIB burn rate as small amounts of this meme coin were removed to dead-end wallets.
In the meantime, the Shibburn tracker of burn transactions has reported that not that many SHIB have been destroyed during the past week — slightly less than a hundred million.
98.2 million SHIB out of circulation
The aforementioned source has tweeted that 98,282,540 SHIB in total was transacted to unspendable wallets during the period of the last seven days. Despite a large figure in crypto, this is the equivalent of merely $1,336. This stash of Shiba Inu was removed from the circulating supply in 36 transfers.
In the last 7 days, there have been a total of 98,282,540 $SHIB tokens burned and 36 transactions. #shibarmy
— Shibburn (@shibburn) February 19, 2023
Over the past 24 hours, according to Shibburn, a total of 11,030,918 dog-themed SHIB coins have been burned. Compared to Sunday, the overall burn rate is now down by 0.38%. The red value of the rate has been decreasing, therefore, it may go green within the next few hours.
SHIB burn rate keeps stagnating
Shiba Inu’s burn activity has been staying low recently, often spotted in the red zone or demonstrating feeble rises, high in terms of percentage but low in terms of SHIB sums that were actually burned.
The burn rate of SHIB seems to be clearly correlated with the price of this asset and is a sign of high/low activity on the network. The SHIB price fell hard after showing a big spike during the first week of February and is now gradually recovering.
As of press time, the coin is changing hands at the $0.00001348 level, rising 2% in the past 24 hours and slightly less than 4% over the past week, according to CoinMarketCap’s website.
Imminent Shibarium release announced
As reported by U.Today, on Sunday word was spread on Twitter by prominent SHIB army member “YourPOP” that the lead developer of Shiba Inu, Shytoshi Kusama, had confirmed that the release of the Shibarium beta version is coming soon.
The rollout of the much-expected Layer-2 protocol for the SHIB network is now possible because the top developer under Shythoshi, Kaal, is now back to work after taking time to mourn the death of his father.
Last week, the pseudonymous Kusama announced that before rolling out Shibarium, he would release a series of Medium articles to tell people around the world about it. The first article was published last week, with others promised to follow soon.