Bullet Points:
• Developer Shytoshi Kusama confirms billions of SHIB will be burned with the upcoming Shibarium release.
• 3 trillion SHIB coins have been recently on the move between anonymous crypto addresses.
• Shiba Inu (SHIB) is currently exchanging hands at $0.00001153, down 0.43 percent.
The development team of Shiba Inu, an altcoin inspired by the popular Shiba Inu meme, has recently made a major announcement. Lead developer Shytoshi Kusama confirmed that more than 3 trillion SHIB coins will be burned with the upcoming launch of Shibarium, the project’s Layer-2 scalability network.
The news comes after the recent surge of SHIB coins being moved between anonymous crypto addresses. On Thursday, the SHIB price rallied by 4 percent, before falling back down to its current price of $0.00001153, which is 0.43 percent down from last week’s high of $0.00001273.
The Shiba Inu community has been eagerly awaiting the release of Shibarium and is hopeful that the burn rate of the memecoin will increase with its launch. The beta version of Shibarium has been teased a few times recently, and the team expects to launch soon.
The project has been hindered by the massive supply and the decline in the SHIB burn rate. However, with the confirmation of Shytoshi Kusama, the Shiba Inu community is hopeful that the project will soon be able to reach its full potential.
Whale Alert, a crypto tracking platform, had reported the transfer of 3,312,307,240,798 Shiba Inu meme coins. The platform has been tracking large SHIB transactions and is providing the community with updates about the project’s progress.
The Shiba Inu community is now waiting for the launch of Shibarium and is hopeful that the burn rate of the memecoin will increase with its release. The project has been hindered by the massive supply and the decline in the SHIB burn rate, but it is expected that the launch of Shibarium will provide the boost necessary for the project to reach its full potential.