SHIB price drops along with burn rate

Shiba Inu (SHIB) has been on a bearish run over the past week. The second-largest memecoin has been making unsure movements with the latest accusations, despite a major announcement.

Timeline of Shiba-inu

Shiba Inu, a popular meme-based cryptocurrency, has recently experienced a remarkable increase in its burn rate. In the past 24 hours, the burn rate has spiked to an astonishing 1,384%, with about 40 million tokens being destroyed.

SHIB, the token powering the second-largest meme coin, Shiba Inu flew 15% to trade at $0.00001120 at the time of writing. Shiba Inu price retested critical descending trendline support earlier in March—and rebounded, implying the trend was ready to change course northwards.

The lead of Shiba Inu, who goes under the pseudonym Shytoshi Kusama, has been showing signs of attention to actress Shaun Romy recently. On March 17, she turned 29 and he posted a birthday tweet, tagging her and calling Romy his favorite actress.

According to Shiba Archives, over 1,325,000 people worldwide now hold SHIB, the crypto token associated with the Shiba Inu project. The news comes after a surge in interest in the token, which has seen its value increase significantly in recent weeks.

The popular meme coin SHIB recently faced issues due to the controversy surrounding the Shibarium code. But the latest on the layer 2 network is that its beta launch will hit the metaverse this week.

Shiba Inu [SHIB] strongly recovered after securing the $0.00001030 support. At the time of writing, the meme coin's price action was on the verge of a bullish crossover – a bullish signal that could push the recovery forward.

While the focus in the crypto market is currently on Bitcoin, the Shiba Inu price is once again at an important inflection point. After the price experienced another setback yesterday due to the plagiarism allegations surrounding the layer-2 technology Shibarium, SHIB bulls are currently struggling to sustain a breakout from the downtrend that has been in place since mid-February.

One of the biggest influencers in the crypto space, Ben Armstrong, better known as “BitBoy,” has made good on his threat and made public the alleged identity of the secret Shiba Inu founder. In his latest 20-minute video, Armstrong refers to Neyma Jahan as the father of SHIB – but the latter denies the revelations.

Popular meme-based cryptocurrency $SHIB's token burn rate has reportedly surged by a stunning amount in the past 24-hour period as the debate around the testnet for the beta version of Shiba Inu's Layer 2 (L2) scaling solution Shibarium intensifies.

The Shibarium network upgrade – an upcoming blockchain network that will be integrated into the Shiba Inu coin – has been generating buzz since the release of PuppyNet, the ecosystem's beta test of the upcoming upgrade. This would give developers a true feel of what the upgrade is all about.