Crypto exchange is sending 19,400,000 Shiba Inu (SHIB) tokens to the burn address, increasing the overall SHIB burn by 10,109% in the last 24 hours.

The number of transactions burning SHIB tokens has declined in recent weeks as investors hold onto their SHIB tokens during the anticipated launch of the Shibarium Layer-2 blockchain on February 14, Valentine’s Day. sends over 19 million SHIB tokens to burn wallet

According to the Shiba Inu burn tracker Shibburn, a total of 20,929,491 SHIB coins were burnt in the past 24 hours. The burn was contributed by 4 transactions to reduce the circulating supply of Shiba Inu Tokens.

The largest burn of 19,400,000 in the last 24 hours was caused by wallet address 0x463…758. Etherscan data revealed that the wallet’s address is linked to the crypto exchange, which burns more than 19 million SHIB on February 7 at 16:00 UTC.

The anticipated launch of Shiba Inu’s Layer-2 blockchain solution Shibarium caused the number of SHIB burns to decrease in recent days. Investors are holding onto their SHIB tokens as lead developer Shytoshi Kusama alluded to the launch of the Shibarium beta on Valentine’s Day.

However, the Unification team working on the Shibarium revealed in the developer update that the launch of the Shibarium could be delayed. The community expects the launch in the first quarter of this year.

Shibarium will burn SHIB with every transaction. Also, trillions Shiba Inu will be burned and taken out of circulation forever.

Shiba Inu price hits $1

The Shiba Inu community expects that the launch of the Shibarium beta could push prices to $1 this year. However, experts believe that $0.01 is still possible, but $1 is a pretty impossible target this year.

The SHIB price is up almost 2% in the past 24 hours with the price currently trading at $0.00001423. The 24-hour low and high are $0.00001387 and $0.00001448, respectively.

Meanwhile, Shibarium’s gas token BONE is trading at USD 1.82, up nearly 2% from a 24-hour low of USD 1.75.

Also Read: Here’s How The Shiba Inu Community Can Make Binance List BONE Before Shibarium

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

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