According to news reports, more than 1 Billion Shiba Inu tokens have been burnt within the past 24 hours. The information is in line with the Shibburn statistics. Get the full information below.
The Shiba Burn Rate Skyrockets
In addition to this, there was a similar transaction that took place involving a similar amount of tokens that involved custodians whose identities also remain unknown.
The Possibility Of The Shiba Inu Token Increase
Following this activity and with Shytoshi Kusama revealing that the Shibarium protocol will start its operations again, this could spell bullish conditions for the meme coin.
It is worth noting that last week, the Shibarium protocol ran into a few problems and its suspension was advised. This followed a rapid decrease in the value of the token as negative market sentiment had been created.
The token is still dropping in value but as the burn rate has gone up, investors expect an increase in the price.