- SHIB community burns over 2 billion coins.
- SHIB holders are eagerly anticipating the launch of Shibarium.
- Shiba Inu whales are accumulating tokens in cold wallets, indicating their anticipation of a potential increase in SHIB’s value.
The SHIB community has been active in recent times, leading to significant developments in the crypto world. A recent tweet from the Shibburn account revealed that over two billion Shiba Inu were successfully burned in the past month, with 410 transactions sending them to “inferno” wallets. This act of token destruction showcases the dedication of SHIB holders towards decentralized finance (DeFi) and the future of meme coins.
The burns, including a smaller portion of 50,381,586 SHIB in the last 24 hours, have been noteworthy according to data from the Shibburn website. These burns were announced alongside the “summer of Shibarium,” an ambitious project by the SHIB team, focused on the forthcoming launch of the Layer 2 platform. The beta testing of the Shibarium Bridge has commenced, hinting at promising developments ahead.
2,094,566,264 $SHIB tokens have been burned in the month of July with 412 transactions. #shib pic.twitter.com/9qK8JweQgY
— Shibburn (@shibburn) August 1, 2023
Shiba Inu whales withdrawing SHIB to cold storage
Another significant development is the active acquisition of Shiba Inu coins by whales, who are storing them securely in cold wallets for long-term safekeeping. Santiment data reveals that a substantial 3.30 trillion Shiba Inu tokens have been transferred from crypto exchange wallets to self-custody wallets within the last month. This accumulation indicates the anticipation of a potential increase in SHIB’s value.
The highly anticipated launch of Shibarium is scheduled for mid-August, with speculations suggesting it may coincide with the annual Blockchain Futurist Conference. The conference has historically gathered key players in the crypto and blockchain space, and the inclusion of ETH Toronto and ETH Women adds to the excitement for potential groundbreaking developments.
After the activation of Shibarium, market enthusiasts expect a surge in the prices of all Shibarium tokens, particularly SHIB and BONE. BONE serves as the gas token for Shibarium, enabling efficient transactions on the blockchain and contributing to token burns. Looking ahead, the SHIB community envisions the possibility of burning trillions of Shiba Inu tokens weekly, further solidifying SHIB’s position in the crypto realm.
