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More Than 8 Million Shiba Inu Tokens Burnt as Meme Coin Takes Breather, Here Are Next Moves to Watch

Thu, 03/30/2023 - 07:51
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Godfrey Benjamin
Steady Shiba Inu token burn connotes subtle growth even with slipping prices
More Than 8 Million Shiba Inu Tokens Burnt as Meme Coin Takes Breather, Here Are Next Moves to Watch
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There is mild but consistent growth in the total number of Shiba Inu (SHIB) tokens being burnt as the price of the meme coin takes a breather. According to data from Shibburn, more than 8 million SHIB tokens have been burnt over the past 24 hours, a figure that represents a 0.78% uptick.

The growth in the total number of SHIB burnt is a confirmation that on-chain transactions are steady, even though they can be judged as slow considering the low growth rate. Shiba Inu was on a rampage for the better part of the week, and riding on the enthusiasm from the meme coin, scam endeavors became so prevalent that the protocol had to warn its community members against it.

Following the growth recorded, the price is making a mild correction and currently trading at $0.00001062, down by 1.72% over the past 24 hours to pare off some of the gains picked up during the week.

Image Source: CoinMarketCap

Shiba Inu has maintained its outlook as the second largest meme coin after Dogecoin (DOGE), and it continues to serve as a major model for a whole lot of other tokens making their debut now.

Shiba Inu (SHIB) to Face $1.3 Billion in Selling Pressure If Price Rises to This Level

Growing Shibarium embrace

Shibarium, the sensational Layer 2 protocol from Shiba Inu, has continued to see a very robust positive reaction, as shown in the growth in the total transactions recorded on the protocol. In literal terms, this transaction count surged to its all-time high (ATH), per an earlier report by U.Today.

With the current outlook, one major move we can expect SHIB to make is to record a major price rebound in the short term, especially if activities on Shibarium intensify.

Shibarium's adoption has a very promising undertone for the parent meme coin, as a certain amount of SHIB gets burnt with each transaction that takes place on the Layer 2 protocol. Many are projecting that the long-term price performance of Shiba Inu will hinge on this advanced transaction count on Shibarium, as well as other protocol metrics.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.