Shiba Inu (SHIB) Sort of Remains Jeremie Davinci's Favorite Asset, Per Tweet

Jeremie Davinci is a well-known crypto YouTuber, with millions of views of his videos, and an early Bitcoin adopter. In his Twitter bio, he wrote that he first adopted the flagship digital currency in March 2011 — two years after the mysterious Satoshi Nakamoto created BTC and mined the first "genesis" block.

Those were the days when Bitcoin was the only cryptocurrency in existence.

"Sold everything, except SHIB and DOGE"

Last year, the YouTuber posted a tweet, saying that he had sold everything except SHIB and Dogecoin. He commented immediately to say that this was "not exactly but kinda true" to warn that he was just trolling the communities of these two largest meme cryptocurrencies.

In a recent tweet, he seems to be mocking the SHIB craze among the crypto community. He picked the tweet of a regular Twitter user, who asked which crypto is worth spending USDT on. Davinci tweeted, "Umm SHIB."

As mentioned above, Jeremie Davinci is a Bitcoiner, so his tweets are mostly dedicated to the leading crypto.

Umm $SHIB https://t.co/Q5Q5M1XK8V

— Davinci Jeremie (@Davincij15) January 26, 2023

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Shiba Inu on fire as Shibarium launch is expected

In the middle of January, Shiba Inu developers announced in a blog post that the launch of Shibarium Layer 2 protocol for Ethereum chain would take place in beta soon. This pushed the price by around 20% within a couple of hours, lifting to the peak of $0.00001269.

This local high was last seen by traders in early November, right before the major FTX crypto exchange collapsed as its founder Sam Bankman-Fried attempted to bail out his trading firm, Alameda Research, using the funds of FTX users.

This collapse of the trading company pushed Bitcoin down below $17,000 from the 21,200 area and SHIB fell back, adding another zero to its price.

Aside from the high speed of transactions, low fees and lack of congestion, Shibarium developers — including lead Shytoshi Kusama — promise that the Layer 2 protocol will include a mechanism that will allow for trillions of SHIB tokens to be burned, i.e., removed from the circulating supply.

As for burning, it took off pretty well this year during the first week of January as over a hundred million coins were burned daily. However, later on, it again began fluctuating. Over the past 24 hours, the burn rate of SHIB rose by 28,850%. However, this figure is kind of deceptive, as merely 28.4 million meme coins were moved to unspendable wallets.