Shiba Inu (SHIB) witnessed its burn rate spike by a whopping 28385.33% today. According to Shibburn, nearly 22 million tokens have been sent to dead wallets in the last 24 hours.
Although the burn spike is significant, the reason for the surge might seem a little anti-climactic. The burn rate spike is likely because the number of Shiba Inu tokens burned on Jan 26 was significantly lower than that of Jan 27.
On Jan 26, about 100k SHIB tokens went into the dead wallet. Whereas on the 27th, this number rose to nearly 22 million. Hence, the surge is not because of a large number of SHIB being burned but because a very small number of tokens were burned the day before.
Furthermore, Shiba Inu (SHIB) continues to be a significant token among the top 2000 Ethereum (ETH) whales. According to Whalestats, the biggest 2000 ETH whales held almost half a billion dollars worth of SHIB tokens.
SHIB is currently the third most-held token among the top 100 ETH whales, behind Ethereum (ETH) and USDT. SHIB makes up 15.72% of the whale holdings.
Shiba Inu’s whale holdings are often criticized as it gives the big wallets a lot of control over the token’s price.
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 Q1 2023, but an exact date is not available. Nonetheless, other projects continue to add support to the network.
Atomic Wallet recently said that it would support Shibarium when launched. Atomic Wallet is a decentralized non-custodial wallet.
The official Shibarium Twitter page acknowledged the support and thanked the Atomic Wallet team with a tweet.
Many fans and investors are hopeful that the Shibarium launch will propel SHIB’s price to new heights. However, there has not been an update from the team in quite some time.
At press time, Shiba Inu (SHIB) was trading at $0.00001147, down by 1.7% in the last 24 hours.