SHIB Burn Rate Jumps 1,803% As Shibarium Hits New Milestones

After a few days of staying deep below zero in the red, the SHIB burn rate has finally demonstrated a substantial rise, according to the data shared by the Shibburn explorer. The price of the second-largest meme coin has also shown a mild increase overnight.

Timeline of Shiba-inu

Unusual activity has been observed in the recent movements of a wallet associated with bankrupt North American cryptocurrency broker Voyager. In a surprising turn of events, a staggering 25 billion Shiba Inu (SHIB) tokens, with a current value of approximately $183,275, were transferred from the wallet.

Shiba Inu Layer 2 Shibarium's beta has smashed two big milestones at once. The Shibarium testnet has achieved an impressive round number in its total transactions and wallet addresses.

According to ITB's "In/Out of the Money" indicator, Shiba Inu currently confronts a resistance formed by 300 trillion SHIB tokens, predominantly held by addresses that acquired them within the price range of $0.000008 to $0.000014.

Although the current behavior of the cryptocurrency market is not dramatically optimistic, including that of one of the best-known meme cryptocurrencies, Shiba Inu (SHIB), the projections based on machine learning algorithms and important technological innovations and trends for the next couple of years are.

In an official announcement made on June 28, Japan's major financial services conglomerate, SBI Group, announced that they will “start handling Shiba Inu (SHIB), Dai (DAI), and Cosmos (ATOM)” on its cryptocurrency platform SBI VC Trade.

In a surprising turn of events, the price of the Shiba Inu token has taken a U-turn, showing a remarkable rebound after experiencing a substantial drop of nearly 5% just yesterday. Today, the token's value has already exhibited a modest, yet noteworthy, 1.5% growth.

Shibarium, the highly anticipated layer 2 solution by Shiba Inu, is facing significant delays, leaving investors in a state of uncertainty. Despite initial expectations for a launch between the second and third quarter of 2023, the exact release date remains unknown.

More recently, Shiba Inu (CRYPTO: SHIB) has seen a rise on the back of a project that aims to connect physical objects with non fungible tokens (NFTs), but a while ago the coin enjoyed buzz surrounding the launch of its metaverse. In early March, Shiba Inu team said that its metaverse has arrived at its annual event SXSW.

Data shared by Etherscan shows that over the past hour, a staggering 8.8 billion Shiba Inu tokens have been transferred between several wallets – some of them belong to major exchanges Binance and Gate.io.

In recent developments, alarming activity has been observed by IntoTheBlock around the on-chain data of the popular cryptocurrency Shiba Inu (SHIB), leading to significant outflows from the wallets of large investors. Previously bullish on the token, it seems they have now switched to bearish sentiment.