Shiba Inu is back at the top of the trending charts as burn rates for the popular token have shot up more than 580% over the past week. This has led the number of tokens now stored in dead wallets to almost equal those in circulation on the market. This, coupled with several other factors like increased interest from whales and the approaching launch of the Shibarium update, has caused many analysts to become bullish on the meme token once again.
As reported by Shibburn – the Shiba Inu network burn rate-monitoring platform, the number of burned SHIB tokens has drastically increased by 580% over the past 24 hours. According to the tracker, more than 50,802,530 SHIB have been sent to the dead wallets that the developers of the network use for the burning of circulating tokens. This puts the number of burned tokens ever closer to equaling the circulating ones. As it stands, these are over 410 trillion burnt tokens compared to the 559 trillion in active circulation. There is also a smaller supply of nearly 30 trillion tokens currently staked in ShibaSwap.
Whales Are Gobbling Up SHIB
Meanwhile, the interest towards the Shiba Inu token among whale investors has also increased over the past days. According to the WhaleStats Twitter account, SHIB briefly surpassed SNT as the top token among whale investors on the Ethereum network. While not in the top position anymore, SHIB is still holding a solid position among the top 100 assets among whale investors. This is another factor that contributes positively towards the price and outlook of Shiba Inu.
Shibarium Will Change The Game For Shiba Inu
Lastly, the highly-anticipated launch of the layer-2 update Shibarium is sure to cause major fluctuations in the SHIB price. Shibarium is a blockchain/layer-2 solution that was initially presented by Ryoshi, the developer of the Shiba Inu Coin $SHIB. It is expected to sit on top of and be linked to Ethereum. The reduction of transaction costs for individuals involved in the Shiba ecosystem was one of Shibarium’s first objectives.
Layer 2 enters the picture in this situation. It is anticipated that Layer 2 will have a mechanism that permits SHIB burning. Sneak peeks of the future Testnet suggest that it may also serve as a link for other ecosystems.
While Shiba Inu is currently sitting significantly lower than its all-time high, the future of the token is looking up. With this unique mix of positive factors, many investors and analysts are optimistic on the token and looking to invest. At the time of writing, Shiba Inu is trading at $0.00001033.
