Main navigation

Shiba Inu (SHIB) Sheds 100 Million Tokens in Fiery Furnace

Mon, 08/21/2023 - 07:58
article image
Godfrey Benjamin
Shiba Inu is on recovery path with more than 100 million tokens burnt
Shiba Inu (SHIB) Sheds 100 Million Tokens in Fiery Furnace
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The recovery in the broader digital currency ecosystem has become quite pervasive for most altcoins, including Shiba Inu (SHIB). The meme coin is pulling all of its tricks to recover most of its lost valuation over the past week after its much-anticipated Shibarium Layer 2 protocol failed to meet launch expectations. At the time of writing, data from Shibburn shows that as many as 106 million SHIB tokens have been sent to the burn address.

XRP Outperforms Shiba Inu, Ethereum and Cardano with 10% Price Spike

At the moment, Shiba Inu is changing hands at a price of $0.000008313, down by 1.13% over the past 24 hours in what shows that the burnt tokens are beginning to have an impact on its price recovery. In the trailing week, the losses experienced by the token have shrunken to 19%, lending credence to its recovery efforts across the board.

Shiba Inu Chart
Shiba Inu Price Chart. Source: CoinMarketCap

Shiba Inu has ventured into a more ambitious path to expand its own ecosystem, creating a whole new set of fundamentals that investors can now use to decide whether or not to stack up on SHIB and other tokens within its ecosystem. The failed launch of Shibarium and the delay in rebooting the protocol has sent a wave of major concern through the broader ecosystem.

Shibarium may turn the tide

According to the latest updates from the core developers of Shibarium led by Shytoshi Kusama, there is major construction work ongoing to help scale the Shibarium protocol. While the protocol has returned to producing blocks, it is still operating in private mode with an opening to the public set for much later.

Shiba Inu Lead Shytoshi Kusama Urges Development Team to Rest Ahead of Big Week for Shibarium

However, the much-needed boom Shiba Inu craves might eventually come through Shibarium as more decentralized applications (dApps) are exploring a move on the protocol in the near future. The emergence of these dApps can notably fuel higher demand for SHIB, which will in turn influence the price positively.

article image
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.