• Lead developer Shytoshi Kusama has confirmed that trillions of SHIB coins will be burnt with the release of the Layer 2 platform Shibarium.
• A single transfer of 3,312,307,240,798 Shiba Inu meme coins was recently detected by the crypto tracking platform Whale Alert.
• Currently, Shiba Inu (SHIB) is exchanging hands at $0.00001153 and is 0.43 percent down.
The Shiba Inu community is eagerly awaiting the launch of its Layer-2 scalability network Shibarium. Lead developer Shytoshi Kusama recently confirmed on discord that trillions of SHIB coins will be reportedly burnt with the release of the Layer 2 platform. This news comes at a time when the SHIB burn rate has been tanking and the one thing that’s holding up Shiba Inu from performing well is the massive supply and declining burn rate.
The crypto tracking platform Whale Alert recently detected a single transfer of 3,312,307,240,798 Shiba Inu meme coins between anonymous crypto addresses. On Thursday, the SHIB price rallied by 4 percet, however, fails to continue the momentum. The dog-themed crypto is still trading down from last week’s high of $0.00001273 when the SHIB price had jumped 20 percent in a day.
Currently, Shiba Inu (SHIB) has been exchanging hands at $0.00001153 and is 0.43 percent down. The memecoin has been struggling to break the $0.0001 level, as the SHIB market capitalization is currently around $5.5 billion. With the confirmation of Shytoshi Kusama that trillions of SHIB coins will be reportedly burnt with the release of the Layer 2 platform Shibarium, the SHIB community is hopeful that the burn rate of the coin will increase significantly and its price will reach $0.01 soon.