Shiba Inu Burn Rate Increases by 1,222% in Anticipation of Shibarium Rollout

As per the Shibburn tracking platform’s data, nearly 200,000,000 Shiba Inu have been transferred to “inferno” wallets in the past 24 hours. Notably, a single transfer resulted in the burning of 151 million SHIB.

The increased SHIB burn rate has significantly impacted it, driving it up notably. Furthermore, over the mentioned time period, the price of the popular meme cryptocurrency has experienced a 2.4% increase, recovering from losses of a similar magnitude suffered on Thursday.

Millions of SHIB Burned

According to Shibburn, after only two transfers, a combined total of 182,528,847 Shiba Inu coins were sent to addresses without access. The larger transfer involved 151,946,848 SHIB, while the second transfer burned 30,581,998 meme coins within the ecosystem. As a result of these transfers, the burn rate experienced a significant increase of 1,222%.

According to a previous report by Fxcryptonews, the month of June started off on a positive note. The SHIB community achieved a notable feat in May by successfully eliminating a total of 15,369,335,177 Shiba Inu coins from the circulating supply of this popular meme cryptocurrency.

When Should Shibarium be Expected?

Earlier this week, Lucie, the content marketing specialist of the Shiba Inu team, provided some details about the anticipated launch of the Shibarium mainnet, which is scheduled to take place later in 2023.

Lucie mentioned that the estimated timeframe for the rollout of Shibarium is set for the second to third quarter of this year. However, it’s important to note that the developer team cannot provide an exact date, and there are no guarantees, despite their efforts to expedite the launch of Shibarium.

According to Lucie’s message on Discord, several steps will precede the release of the Shibarium Layer 2 protocol. Notably, a complete version of the Ethereum bridge and swap will be introduced, and there might even be a possibility of launching ShibaSwap 2.0. However, Lucie emphasized that these details are still tentative and yet to be confirmed.

Regarding Shibarium, Shytoshi Kusama previously mentioned a potential release in June. However, based on the information shared by Lucie in her recent tweet, it appears that this timeline is no longer realistic.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.