Shib Army United Amid FUD? Burn Rate Spikes By 4636%
Shiba Inu Coin News: According to the Shibburn website, the Shib burn rate is up by a staggering 4636.07% in the last 24 hours. A total of 754,187,142 $SHIB tokens have been burned over the previous 24 hours. The Shib burn rate refers to the amount of Shib tokens that are destroyed or removed from circulation. This process is known as burning, and it is done to reduce the supply of the token, which can increase its value over time. The largest transaction is 733,024,321 million Shib tokens.
Shiba Inu value rises
Whereas, Shiba Inu price has gone up by 4.81% in the last few hours. Each SHIB token is currently trading at 0.00001092 USD. The coin has gained over 9.54% in the last 7 days. However, the market cap has come down to 6.43 billion USD and trading volume increases by 30.22%. 
Source: coinmarketcap
Also read: US Banks Awaits Fed Rates: Bitcoin Price Face Hard Time Too?
FUD surrounds Shibarium
The Shiba Inu project is a decentralized ecosystem that aims to offer users a platform to transact, stake, and participate in governance using the SHIB token. Meanwhile, Shiabrium Beta had been made live on 11 March 2023. The much-awaited launch had been responsible for the recent spiking in the price of Shiba Inu, too.
Shibarium is a project that aims to create a decentralized exchange (DEX) and liquidity pool for the Shiba Inu cryptocurrency. The project has been endorsed by the Shiba Inu community and has gained significant attention and support in recent months. However, some people have raised concerns about the legitimacy of the project and the project’s developers, and that the project’s whitepaper lacks detail on technical aspects and implementation plans.
Also read: Crypto firms Turn to Swiss Banks After Silvergate and Signature Fall
Others have raised concerns about the project’s token, called SHIBArium (SHIBA), which was created as a utility token for the platform. Some critics have argued that the token has no real utility and that it is being used solely as a means to raise funds for the project.
Despite these concerns, Shib Army has argued that the project has strong community backing and that it is being developed in a transparent and open manner. They have pointed to the project’s roadmap and development updates as evidence of the project’s progress.
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