Shiba Inu burn rate peaks to 28,000%, Shibarium support grows

Shiba InuSHIB) today witnessed a spike in burn rate of a whopping 28385.33%. According to Shibburn, nearly 22 million tokens have been sent to dead wallets in the past 24 hours.

Source: Shibburn

While the fire spike is significant, the reason for the spike may seem a bit anticlimactic. The spike in burn rate is likely because the number of Shiba Inu tokens burned on January 26 was significantly lower than that of January 27.

On January 26, about 100,000 SHIB tokens went into the dead wallet. While this number rose to almost 22 million on the 27th. Therefore, the increase is not due to a large number of SHIBs being burned, but because a very small number of tokens were burned the day before.

Moreover, Shiba Inu (SHIB) remains an important token among the top 2000 Ethereum (ETH) whales. According to Whale statisticsthe largest 2000 ETH whales had nearly half a billion dollars worth of SHIB tokens.

SHIB is currently the third most held token in the top 100 ETH whales, behind Ethereum (ETH) and USDT. SHIB makes up 15.72% of whale holdings.

The Shiba Inu whale holdings are often criticized for giving the major pursers a lot of control over the price of the token.

Support for Shiba Inu’s Shibarium continues to grow

SHIB’s layer-2 network, Shibarium, is the most anticipated launch of the project. The network is expected to go live sometime in the first quarter of 2023, but an exact date is not available. Nevertheless, other projects continue to support the network.

Atomic Wallet recently said it would support Shibarium at launch. Atomic Wallet is a decentralized non-custodial wallet.

Shibarium’s official Twitter page acknowledged the support and thanked the Atomic Wallet team with a tweet.

Many fans and investors hope that the Shibarium launch will take place propel SHIB price to new heights. However, there hasn’t been an update from the team in quite some time.

At the time of the press was Shiba Inu (SHIB). trade at $0.00001147, down 1.7% in the past 24 hours.