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In the past 24 hours, the rate at which SHIB tokens are being burnt has surged by an astounding 26462%. Shiba Inu’s lead developer announced that the Shibarium would be released this week. According to reports, the Shiba Inu development team and social media administrators have advised that the community should be wary of the growing prevalence of scams associated with the Shibarium project in light of the high anticipation surrounding its release.

The Burning Of SHIB Tokens Goes On 

Since the beginning of the year, the meme coin has accomplished significant milestones in crypto trading and holders. However, a notable observation is the considerable amount of SHIB tokens being burned by the community.

In the last 24 hours alone, the burn rate has increased by around 26462%, destroying 1,948,383,102 SHIB tokens. The continual increase in SHIB burns has been a steady trend since the start of 2023.

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This trend may be linked to the forthcoming launch of Shibarium, which is expected to be a layer-2 blockchain that will enable more SHIB burns and potentially accelerate the token’s burn rate.

Shiba Inu is exchanging hands for $0.00001015, rising by 0.88% in the last 24 hours. Nevertheless, its market capitalization has dropped to $5.98 billion.

Unstoppable Domains Now Offers SHIB As A New Payment Alternative

In a related development, the provider of decentralized domains—Unstoppable Domains, has revealed that its domain names can now be acquired using SHIB. The company has broadened its payment settlement alternatives by incorporating other cryptocurrencies, most notably Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH).

It recently added DOGE (Dogecoin) at the beginning of this month. Meanwhile, SHIB is a cryptocurrency that runs on the Ethereum blockchain. Following its launch in 2020, it has experienced a surge in popularity due to its affordable transaction fees and dog-themed marketing. It is currently the second most prominent meme coin with a passionate community known as the “SHIB Army.”

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.