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Shiba Inu Coin: Ethereum Whales Scoop SHIB Tokens Ahead Of Shibarium Launch

SHIB development activity and burn rate rise as Ethereum whales purchase Shiba Inu coins ahead of the Shibarium launch.
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Shiba Inu Coin: Ethereum Whales Scoop SHIB Tokens Ahead Of Shibarium Launch

Shiba Inu (SHIB) price picks up momentum as Ethereum whales scoop massive Shiba Inu coins. While core developers Shytoshi Kusama and Trophias as well as Shiba Inu Ecosystem tease the launch of the Shibarium Layer-2 blockchain soon, the community expects a massive rise in SHIB burn and utility on the chain in 2023.

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Shiba Inu Burn Rate Rises Ahead of Shibarium

Shiba Inu burn tracker Shibburn in a tweet on January 3 reported another massive increase in the burn rate of Shiba Inu tokens. A total of 182,339,090 SHIB tokens were burned in the last 24 hours. The massive increase in the SHIB burn was contributed by 11 transactions to remove Shiba Inu tokens from the circulating supply.

According to the Shibburn website, the burn rate and the number of transactions have been increasing massively in the last few days. On January 2, 159,411,895 SHIB tokens were burned in 13 transactions.

On New Year’s Eve, an address sent 297,290,339 SHIB tokens to the burn address, causing the burn rate to rise by 13,198%. Whales are coming back ahead of the anticipated Shibarium launch in early 2023. The mysterious address has again sent 73,996,550 SHIB tokens to the burn address in the last 24 hours.

WhaleStats data indicates the Shiba Inu token as the most purchased token by Ethereum whales. Moreover, Shiba Inu is once again the most used smart contract among the top Ethereum whales in the last 24 hours. Therefore, the development activity and whale activity are rising for Shiba Inu in the last few days.

Also Read: Best Crypto Telegram Channels 2023

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Shiba Inu and BONE Price Awaits Rally

Shiba Inu coin price has picked up momentum in the last few days due to the Shibarium launch coming soon. The SHIB price is currently trading at $0.0000082, up nearly 2% in the last 24 hours. The 24-hour low and high are $0.000008129 and $0.000008236, respectively.

Meanwhile, Shibarium gas token BONE is trading 6% up at $0.89. The 24-hour low and high are $0.850 and $0.901, respectively.

Also Read: Bitcoin Price Bottom Approaching Fast, Time To Buy The Dip?

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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