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.
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.
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%.
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.
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.
Vladislav Sopov