•Shytoshi Kusama, the lead developer of Shiba Inu, has confirmed that trillions of SHIB coins will be burned with the release of Shibarium.
•Whale Alert recently detected a single transfer of 3,312,307,240,798 Shiba Inu meme coins.
•The SHIB price rallied by 4 percent but failed to continue the momentum and is still trading down from last week’s high.
The Shiba Inu community has been eagerly waiting for the launch of its Layer-2 scalability network Shibarium and the lead developer Shytoshi Kusama has finally confirmed that trillions of SHIB coins will be burned with the release of the said platform. The news comes at a time when the SHIB burn rate has been tanking, with more than 3 trillion SHIB coins recently on the move between anonymous crypto addresses.
The crypto tracking platform Whale Alert recently detected a single transfer of 3,312,307,240,798 Shiba Inu meme coins. This came as a surprise to many in the Shiba Inu community, as it was more than anticipated. On Thursday, the SHIB price rallied by 4 percent, however, it 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 dog-themed crypto is currently exchanging hands at $0.00001153 and is 0.43 percent down. The one thing that’s holding up Shiba Inu from performing well is the massive supply and the decline in the burn rate of the memecoin. With the news of trillions of SHIB coins being burned with the release of Shibarium, the community is hoping for a turnaround in the price of the meme coin.
Shiba Inu’s Layer-2 scalability network Shibarium is expected to launch soon and the developers are hoping that it can drive the price of SHIB to $0.01. However, only time will tell if the coin can make a comeback and reach its all-time high. For now, the Shiba Inu community is keeping a close watch on the movements of the coin and the progress of the Shibarium launch.