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Shiba Inu Burn Rate Spikes 10,900%, Days After Shibarium Beta Goes Live

Published 17/03/2023, 07:13
© Reuters. Shiba Inu Burn Rate Spikes 10,900%, Days After Shibarium Beta Goes Live

Benzinga - Shiba Inu's (CRYPTO: SHIB) burn rate spiked by 10,900% in the last 24 hours, days after the Shibarum beta launched.

What Happened: Data from Shibburn reveals that in the last 24 hours, 934 million SHIB has been transferred to a dead wallet.

Shytoshi Kusama, lead developer of the Shibarium project, on Sunday said in a blog post that users will have the ability to build decentralized applications (dApps) on the Shibarium chain and integrate businesses on it.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

The spike in burn rate comes after SHIB developer Kaal Dhairya admitted to making a mistake regarding the Shibarium Beta chain ID after the community accused the team of stealing the Rinia chain ID.

Dhairya, on Thursday, acknowledged his mistake of not rechecking at the time of the PuppyNet network launch and confirmed that the chains were not registered at that time. To rectify this situation, he said he will be redeploying a new version of the Shibarium Beta network with a new chain ID which will take "4 to 5 days."

Price Action: At the time of writing, SHIB was trading at $0.000010, up 2.43% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Rise Amid Tight Labor Market: Analyst Says Cryptoverse Could 'Look More Attractive' Than Equities

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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