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Unusually High SHIB Tokens Set Ablaze Despite Anemic Price Outlook

Mon, 08/07/2023 - 08:18
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Godfrey Benjamin
More SHIB tokens set on fire despite jaundiced growth outlook
Unusually High SHIB Tokens Set Ablaze Despite Anemic Price Outlook
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Shiba Inu (SHIB) is recording a promising outlook in its burn rate today, which is unusually high when compared to previous records of similar metrics. At the time of writing, the SHIB burn rate has soared as high as 170%, with a total of more than 98 million tokens sent to dead wallets, according to data from Shibburn.

Shiba Inu (SHIB) Ignites: Double Burn Rate Sparks Price Surge

SHIB burn rate metrics are not surrounded by much controversy. The growth shows that there is active ongoing activity on the network despite the overall bearish price outlook.

Per the Shibburn data, the highest single burning recorded came in at 19,690,401. Unusually, no one wallet monopolized the burning event, a showcase of more decentralized efforts on the meme coin's deflationary agenda.

At the time of writing, Shiba Inu is changing hands at a price of $0.000009139, down by 4.85% over the past 24 hours after a rather impressive weekend of positive growth. The bearish price outlook of SHIB becomes negated, however, when compared to its week-to-date (WTD) price outlook, in which the coin has retained a total growth of 9.38%.

SHIB Price Chart. Source: CoinMarketCap

Heralding new era

Shiba Inu investors, developers and market observers as a whole might just be gearing up to experience a more intensified rate of SHIB token burning as a result of the forthcoming launch of the Shibarium Layer 2 protocol.

Here's What SHIB Has Achieved Now That It Plans to Launch Shibarium

As confirmed by the lead developer in the ecosystem, Shytoshi Kusama, the Shibarium launch is slated for mid-month as it will be unveiled at the forthcoming Blockchain Futurist Conference. The Shibarium launch will intensify transaction activities in the broader Shiba Inu ecosystem, a move that will see a portion of the transaction costs in SHIB tokens sent to dead wallets.

Shibarium is the gateway for more ambitious upticks in price and other important 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.