Shiba Inu Surges Ahead of Bitcoin with Burn Rate Spiking by ~7000%

Shiba Inu (SHIB) has experienced a significant increase of 9.7% in the past 24 hours and 22.1% over the course of the week. This notable performance has surpassed Bitcoin (BTC), which has seen a 3.8% surge in the last 24 hours and a 20.5% rise in the weekly charts.

As positive developments in Bitcoin (BTC) continue to drive the overall crypto market surge, memecoins are capitalizing on the prevailing positive sentiment. Among them, Dogecoin (DOGE), a rival to Shiba Inu (SHIB), has experienced a 9.3% rally in the weekly charts. Another memecoin, Floki (FLOKI), has seen a significant surge of 29% during the same period. Interestingly, even among the top 100 projects, the highest-gaining crypto is a memecoin. Pepe (PEPE) has recorded an impressive growth of 72.5% in the past week, leading the charts.

In the case of Shiba Inu (SHIB), its recent rally coincides with a notable increase in the token’s burn rate. Shibburn data indicates a significant spike of 6036.88% in SHIB’s burn rate. This can be attributed to a specific wallet that removed 252.8 million SHIB tokens from circulation, contributing to the burn.

Shiba Inu’s Shibarium to Launch Soon

Shytoshi Kusama, the lead developer of SHIB, has revealed that his role will become less significant in the near future as the launch of Shibarium approaches. Kusama shared this information during a conversation on Telegram, stating, “I’ve already mentioned that my role will no longer be necessary. Shibarium is nearing completion.” This suggests that Kusama’s involvement in the project will diminish as Shibarium, the anticipated development for the Shiba Inu ecosystem, progresses towards its release.

The Shiba Inu (SHIB) community’s anticipation is growing as the Shibarium launch draws near, despite previous delays caused by technical issues. With the launch on the horizon, excitement is building within the community. The upcoming release is expected to have a positive impact on SHIB’s price, potentially driving it to new heights. Additionally, the offspring tokens of the project, such as BONE, are experiencing increased investment. BONE, set to be the governance token for the Shibarium network, has seen a significant surge of 19.8% in the past week, indicating growing confidence in its future value.

In addition to the excitement surrounding Shibarium, SHIB lead developer Shytoshi Kusama has hinted at something upcoming for LEASH, another SHIB offspring token. This announcement has resulted in an 18.7% increase in LEASH’s value on the weekly charts. However, Kusama has not provided specific details regarding the upcoming development for LEASH.

At the time of writing, Shiba Inu (SHIB) is being traded at $0.00000786, reflecting a decrease of 4.4% in the past hour.

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.