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Shiba Inu was under the spotlight following the launch of the Shibarium public beta version. After a year of waiting by the SHIB army, the lead developer of the network, Shytoshi Kusama, finally announced the introduction of testnet PuppyNet earlier this week. Following this, the burn rate of the asset spiked. The streak persisted as nearly half a million SHIB were sent to a dead wallet.
Shibburn has revealed that a total of 452,950,434 SHIB tokens have been burned since yesterday. This outcome was achieved in just three trades. Additionally, the burn rate of the network surged by 1322.79% over the last 24 hours.
The Shiba Inu community anticipates that when Shibarium rolls out, the burn rate will increase significantly and that trillions of meme coins will be removed from circulation. Around half of the initial quadrillion supply has already been erased.
The price of Shiba Inu, however, witnessed a slight drop over the last 24 hours. At press time, SHIB was trading for $0.00001097 with a 0.74% daily drop. It should be noted that the asset was priced at a high of $0.00001177. Furthermore, at Shiba Inu’s current price, 63% of its holders were under a loss. Only 33% of them were making money.
Top Ethereum whales continue to hold Shiba Inu
Despite the losses, Ethereum whales did not want to let go of their SHIB holdings. For instance, the top 2000 ETH whales were holding a whopping $606,553,503 SHIB tokens. The meme coin was the third largest held token after stablecoins like USD coin [USDC] and Tether [USDT] by these whales.
This further highlighted how whales were immensely bullish about the meme coin. The community continues to await the mainnet launch of Shibarium which is expected to bring in much more gains for the holders of the meme coin.
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