Trillions of Shiba Inu Coins to be Burnt with Launch of Shibarium
• Lead developer Shytoshi Kusama confirmed that trillions of SHIB coins will be burnt with the release of the Layer 2 platform Shibarium.
• A single transfer of 3,312,307,240,798 Shiba Inu meme coins was recently detected by the crypto tracking platform Whale Alert.
• The SHIB price rallied by 4 percent on Thursday, however, fails to continue the momentum.
The crypto community has been abuzz with anticipation for the launch of the Layer 2 scalability network Shibarium, the latest development from Shiba Inu (SHIB) team. Lead developer Shytoshi Kusama recently confirmed on the Shiba Inu discord that trillions of SHIB coins will be reportedly burnt with the release of the Shibarium. The announcement came as a massive number of SHIB coins have been on the move between anonymous crypto addresses, as reported by the crypto tracking platform Whale Alert. The platform had detected a single transfer of 3,312,307,240,798 Shiba Inu meme coins.
The Shiba Inu (SHIB) team has been working hard to overcome the massive supply and the decline in the burn rate of the memecoin. The dog-themed crypto is currently exchanging hands at $0.00001153 and is 0.43 percent down. On Thursday, the SHIB price rallied by 4 percet, however, fails 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 Shiba Inu community has been eagerly waiting for the launch of Shibarium and is hoping that the burning of trillions of SHIB coins will be enough to drive the price of the memecoin to $0.01. The development team is yet to announce a date and time for the launch of the Layer-2 scalability network Shibarium, but they have teased its beta launch.
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