- Shibarium’s puppynet has reached nearly 14 million registered wallets.
- The nine million Shiba Inu tokens burned accelerated SHIB’s burn rate by 3,500%.
- Shiba Inu flopped 2.2% in the last 24 hours, and Shibarium’s gas token dropped 5%.
Shiba Inu’s community greets international cannabis culture with a massive burn of SHIB tokens. According to Shibburn, the official Shiba Inu burn tracker, nine million tokens were set ablaze in the last 24 hours.
While the 3,500% increase symbolizes the community’s exponential growth, it should be noted that nine million tokens are a drop in the ocean from last week’s 1,803,050,196 $SHIB sent to the bottomless pit.
Whales Scoop Shiba Inu in Memecoin Frenzy
While the recent memecoin zeal involves some unusual newcomers in PEPE and KERMIT, the TOP 100 Ethereum whales haven’t forgotten about Shiba Inu. According to the Ethereum whale tracker WhaleStats, SHIB is still in the most prominent token position by dollar value in the memecoin world.
According to the latest tendencies in crypto exchanges, Shiba Inu is trending together with small market cap memecoins, as its new metaverse socials resulted in many crypto enthusiasts joining the community.
On the other hand, Shibarium’s gas fee token, Bone ShibaSwap (BONE), took a bigger hit than the main token. While SHIB slipped just 2.2% in the last 24 hours, $BONE dropped below a long-term support line at $1. At press time, Shibarium’s gas fee and governance token Bone ShibaSwap (BONE) is priced at $0.952504, dropping by 5%.
While the daily charts for BONE aren’t looking bullish, the monthly perspective indicates a 21% loss in value. Finally, the on-chain signals show a 3:1 bearish versus bullish ratio, especially evident in the declining number of Large Transactions.
The next updates on Shibarium and SHIB: The Metaverse might be crucial to determine if the current metrics will be enough to enter bullish divergence.
On the Flipside
- Shibarium’s testnet ‘puppynet’ blockchain scanner ‘puppyscan’ experiences a lot of downtime.
- This causes a delay in statistics and makes it difficult to evaluate Shibarium’s testnet in real time.
Why You Should Care
Memecoins are often seen as the largest onboarding tool for blockchain technology.
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- Source: https://dailycoin.com/shiba-inu-burn-rate-catapults-3500-as-whales-scoop-up-shib/
