Billions of Shiba Inu Go up in Flames

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Billions of Shiba Inu Go up in Flames: Shibburn tracker has shared that the Shiba Inu community has finally succeeded in raising the burn rate of its favorite meme coins to a high within the past 24 hours which has not been seen for a long time already.

Billions of Shiba Inu Go up in Flames

Billions of Shiba Inu Go up in Flames

Burn rate jumps by nearly 30,000%

Billions of Shiba Inu Go up in Flames: After the recent hourly update shared on Twitter, the 24-hour burn rate of Shiba Inu has skyrocketed to the level of almost 28,000%. A total of 2,057,811,344 SHIB tokens have been burned since yesterday morning.

Also, 2,186,841,623 meme tokens from this network have been put out of circulation over the past seven days. This exceeds all the recent burns this year by multiple times. The likely reason for such high token burn activity is the release of the Shibarium Layer 2 blockchain this week, as promised by the SHIB developer team recently.

Check Also: Vitalik Buterin Net Worth The Man Behind Crypto Bio

Shibarium to launch this week

Billions of Shiba Inu Go up in Flames: As reported earlier, the SHIB token’s Twitter handles shared a post that announced that the Layer 2 solution called Shibarium will come out in beta later this week. This actually leaves the SHIB development team four days to do it, unless they manage to initiate the rollout before the weekend begins.

The long-awaited release is coming after a year of development, while Shytoshi Kusama and his team had been working hard on every aspect of the new blockchain. They promise the community better security of transactions, low fees for crypto transfers, and greater speed. The Layer 2 solution will allow users to avoid the congestion that often happens on the Ethereum chain on which Shiba Inu was initially created.

The SHIB army has been excited about the announcement as they have been looking forward to the launch. Lead developer Kusama has dropped hints, which were interpreted by the community as various possible dates for the Shibarium launch on Feb. 10 and Feb. 14.

Billions of Shiba Inu Go up in Flames

Shiba Inu

Billions of Shiba Inu Go up in Flames: Shiba Token, also known as Shiba Inu, is a decentralized cryptocurrency originally created in August 2020 by an anonymous person or persons known as “Ryoshi.”

Fifty percent of the total supply of Shiba Token is locked to Uniswap, and the remaining was burned to Vitalik Buterin meaning everyone has to buy Shiba Token on the open market; this is intended to ensure a fair and complete distribution and remove the possible problem of developers owning team tokens. As an ERC-20 altcoin, Shiba Inu was created on the Ethereum blockchain.

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