SHIB Burn Rate Soars 1,222% as Potential Shibarium Launch Draws Closer

According to data provided by the Shibburn tracking platform, within the period of the last 24 hours, close to 200,000,000 Shiba Inu meme coins have been sent to "inferno" wallets. A total of 151 million SHIB was burned in a single transfer.

This has significantly driven up the SHIB burn rate. Along with this, during the aforementioned period of time, the price of the leading meme cryptocurrency has put up a rise of 2.4%, compensating for losses of the same size suffered on Thursday.

Burns spike with hundreds of millions of SHIB burned

Shibburn shared that after just two transfers, a total of 182,528,847 Shiba Inu were sent to dead-end addresses. The biggest transfer of the two carried 151,946,848 SHIB. The second one burned 30,581,998 meme coins from this ecosystem. The burn rate surged by 1,222% after that.

This is not a bad start for June. As reported by U.Today earlier, in May overall, the SHIB army successfully removed 15,369,335,177 Shiba Inu from the circulating supply of this top meme cryptocurrency.

Related

Fri, 06/02/2023 - 09:20

Litecoin (LTC) Spikes 14% Weekly, 6.8% in Past 24 Hours: Reasons

Yuri Molchan

Here's when Shibarium may be expected this year

Earlier this week, the content marketing specialist of the Shiba Inu team, known to the community as Lucie, shared some information regarding the launch of Shibarium mainnet that is expected later in 2023.

Lucie named the expected date of Shibarium rollout as Q2-Q3 this year, but the developer team cannot guarantee any exact date, even though it is doing its utmost to launch Shibarium as soon as possible.

Before the Layer 2 protocol is released, Lucie wrote in her Discord message, a few other things will happen. In particular, a full version of the Ethereum bridge and swap will be launched, and maybe even ShibaSwap 2.0. Still, this is "yet to be confirmed," Lucie stressed.

As for Shytoshi Kusama, he mentioned earlier that Shibarium may be coming in June. However, this does not seem realistic now, according to data shared by Lucie in her earlier tweet.

As reported by U.Today earlier this week, the pseudonymous SHIB lead Kusama may be on a short holiday in Japan now, in Nisaka. This location was set as his Twitter status, and on Discord he wrote that he wants to "relax and enjoy just like everyone else." He added that he may not have another chance to do it again soon.