With the expected release of Shibarium documentation in 2032, investors are eager to understand what is stored on the Layer 2 network. The report suggests that Shibarium may integrate a built-in destruction portal that will continually remove Shiba Inu tokens from circulation. queenie, the Discord moderator for Shiba Inu, disclosed a hypothetical estimate earlier this year that the destruction portal could remove 100 trillion SHIB tokens from circulation each year.
SHIB Trading Volume Soars 228%
WhaleAlert reports that Shiba coin has become the most traded token among ethereum’s top 100 whales. However, SHIB’s 24-hour trading volume soared 228% to $920 million.
Shiba Inu has become the largest crypto asset holder among the top 100 ETH whales. As of today, these whales hold $616 million worth of SHIB tokens. This represents almost 17% of their total holdings. According to the data, Shiba Inu Coin is in the top 10 tokens purchased by ETH whales.
Shiba inu coin burn rate up almost 800%
The gradual increase in community destruction of Shiba Inu tokens comes as the popular meme token has reached several important milestones related to holders and crypto transactions. According to the aforementioned crypto tracking platform, the destruction rate of Shiba Inu (SHIB) has increased by approximately 800% in the past day. To reach this number, the SHIB army burned nearly 8,244,256 Shiba Inu tokens.
Diein coins have been on a positive trend of SHIB destruction since the beginning of 2023. The reason behind the surge may be the upcoming launch of SHIBarium. many meme coin enthusiasts believe that the launch of the layer 2 blockchain may help them burn more SHIBs, thus increasing the burn rate.
What’s driving SHIB’s price performance?
Shiba Inu has observed a significant increase in bitcoin prices over the past 7 days. In addition, the token continues to soar with higher expectations for the upcoming Shibarium Beta release.
Another factor that may be driving the price of Shiba Inu higher is its recent listing on several exchanges as a payment option, which has somewhat increased the adoption of the meme coin. In addition, throughout the 30 days, Shiba Inu received listings on many cryptocurrency exchanges such as Cointree, OkCoin Japan, and others.
At the time of writing, Shiba Inu is trading at $0.00001329 with a 24 hour price drop of 4%. Emoji coin prices are up over 50% in 30 days and 13.6% in 14 days. However, SHIB’s price has fallen more than 9% since Wednesday.
Shiba Inu’s bullish flag pattern suggests a possible continuation of the long-term rally. Bullish flags typically form when a brief period of consolidation retracement separates two rallies. Therefore, as Shiba Inu has formed a bull flag, we expect more price gains in the coming weeks.
