Benzinga - Self-proclaimed Dogecoin (CRYPTO: DOGE) killer Shiba Inu's (CRYPTO: SHIB) burn rate is up 110% in the last 24 hours, in anticipation of the launch of much-anticipated layer-2 solution Shibarium.
What Happened: Shytoshi Kusama, the lead developer behind the Shiba Inu ecosystem said that Shibarium is "nearly complete."
"Now that Shibarium is nearly complete, and our full structure placed at the feet of the world, we couldn't ask for a better partner to help shepherd this next phase of the Shiba global phenomenon," the developer said.
Shibburn, the burning mechanism within the Shiba Inu ecosystem, reported a staggering transfer of 216 million SHIB tokens into “inferno” wallets within the past 24 hours. This strategic removal of tokens from circulation is intended to increase scarcity and potentially elevate the value of the remaining tokens.
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Why It Matters: As for its market value, $10.1 worth of SHIB currently buys 1,005,475 tokens, potentially transforming holders into SHIB millionaires. At the time of writing, SHIB is trading at $0.000010.
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