"Dogecoin Killer" Shiba Inu Burn Rate Spikes 2,730%, 3 Trillion Tokens Moved: 'Manifesting SHIB 1 Cent Soon,' Says ShibArmy
The Shiba Inu ecosystem continues to see positive developments, with the token expected to erase a zero from its value soon.
What Happened: According to Shib Burn data, the past 24 hours saw a 2,730% increase in the token's burn rate, highlighted by a single transaction that burned 85 million tokens.
U Today reported the movement of 3 trillion Shiba Inu tokens to entities including Coinbase, Gate.io, Robinhood and some private wallets.
These transfers could be attributed to various reasons such as exchanges rebalancing holdings, whales consolidating positions or an impending announcement or launch within the Shib ecosystem.
In addition, the crypto cold wallet provider Tangem has begun integrating the layer-2 network Shibarium, with completion expected by the end of the month.
The Shiba Inu team has also officially launched the SHEboshi non-fungible tokens (NFT) collection, with minting on the Ethereum network now underway.
Also Read: 'Dogecoin Killer' Shiba Inu Daily Transactions Surge To 2.4M, SHIB Only 1.8% Off From Erasing A Zero
Why It Matters: Shibarium Scan data shows daily transactions surged to 4.21 million as of Feb. 20, 2024, up from 3 million on Feb. 19, 2024. Wallet addresses have surpassed the 1 million mark, currently at 1.36 million.
IntoTheBlock data revealed transactions exceeding $100,000 reached 63 on Feb. 20, 2024, up from 44 as of Feb. 19, 2024.
A significant development is the introduction of Shiba Inu trading in UpDown Options, now available on the Crypto.com app. This feature allows users to predict Shiba Inu's price in 20 minutes and trade with just $10.
Shib Bezos, a prominent figure in the community, tweeted:
SHIB Bezos@BezosCryptoFeb 21, 2024When Shiba Inu Hits $0.01, An Investment of $900 Could Fetch $1 Million 🚀#Shibarium will make #SHIB a token w/ utility & burning 🔥capabilities
D layer-2 network’s goal is to delete d remaining 4~5,‘zeroes’ thru constant ‘burns’.
MANIFESTING #SHIB 1 CENT SOON🙏#SHIBARMY pic.twitter.com/iprqzsgcqS
This statement underscored the potential impact of Shibarium on Shiba Inu's utility and burning capabilities.
With increasing transactions, significant partnerships and heightened whale activity, Shiba Inu is positioned for a bright future.
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