Meme Coin Burn Rate Jumps To 28385% As Network Gets New Supports

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The Shiba Inu’s (SHIB) burn rate has seen a massive 28.385% increase in the last 24 hours, the largest percentage increase the network has seen in the past few months. According to Shibburn, about 22 million tokens have been sent to dead-unused wallets in the last 24 hours.

While the increase in burn rate is significant, the reason for the increase may be somewhat disappointing. The reason for the increase in the burn rate is that the number of Shiba Inu tokens burned on January 26 was significantly lower than on January 27. On January 26, nearly 100,000 meme coins were removed from circulation. However, on the 27th, this number increased to about 22 million. Therefore, the increase is not due to the burning of a large number of SHIBs, but to the burning of a very small number of tokens the day before.

Besides, it remains a popular token among the top 2000 Ethereum (ETH) whales. According to Whalestats, the biggest ETH whales of 2000 own almost half a billion dollars worth of SHIB tokens.

The popular meme coin is currently the third most-held token among the top 100 ETH whales, after Ethereum (ETH) and USDT. SHIB accounts for 15.72% of whale assets.

The fact that whales have so many Shiba Inu (SHIB) is often criticized. Because these big wallets are thought to give too much control over the meme coin price. Support for Shiba Inu’s Shibarium continues to grow

Besides, the release of SHIB’s layer 2 network, Shibarium, is still eagerly awaited. The network is expected to go live in Q1 of 2023, but no exact date is available. However, other projects continue to add support to the meme coin network. Atomic Wallet recently announced that it will support Shibarium at launch. told. Atomic Wallet is a decentralized wallet.

The official Shibarium Twitter page acknowledged support and provided a tweet and the Atomic Wallet team.

Many fans and investors are hopeful that the launch of Shibarium will push the price of SHIB to new heights. However, there has been no update from the team for a long time.

You can follow the current price action here.


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