Shiba Inu Burn Spikes Ahead Shibarium, SHIB Price To Rally?

Shiba Inu’s Layer-2 Shibarium mainnet release speculation has led to a massive rise in the SHIB burn rate. Shiba Inu self custodial cold storage wallet Tangem has joined the burn campaign. As part of the recent collaboration with Tangem, 344 million SHIB is burned. SHIB and BONE prices can pick up momentum amid the Blockchain Futurist Conference.

Shiba Inu Burn Rate Spikes Ahead Shibarium Release

According to the Shiba Inu burn portal Shibburn, a total of 716,485,403 tokens were burned in 97 transactions in the last 24 hours. A rise in the number of collaborations with Shiba Inu and Shibarium leading to multiple projects burning SHIB tokens in an effort to reduce the circulating supply.

In fact, 344 million was burned as a result of the recent collaboration with hardware wallet Tangem. It is the official wallet for Shiba Inu ecosystem tokens. As per the latest poll conducted by a SHIB team member, the community voted to burn 5% SHIB tokens from wallets sold.

More than 1007 wallets have been sold @Tangem and as we promised about 5% burn from wallets being sold, it is 3524 USDT until now. Let’s try this, do u still want to burn $SHIB with it or what?

— shibarium1 (@shibarium_) August 12, 2023

Etherscan data revealed that 342.56 million SHIB tokens were successfully sent to the burn address on Aug 14 at 01:18 UTC. The community anticipates SHIB and BONE prices to rally amid the Blockchain Futurist Conference in Toronto, Canada.

Lead developer Shytoshi Kusama to reveal critical details about multiple things including projects joining Shibarium, Shiba Inu ecosystem, and Doggy DAO by speaking virtually at the conference.

Also Read: Shiba Inu Hits New Milestone as Shibarium Countdown Begins 

SHIB and BONE price to Rally?

An analysis by CoinGape Markets predicts bullish breakout from the $0.0000105 resistance for a 20% jump in SHIB price.

SHIB price pushing higher after a nearly 3% fall in the past 24 hours. The price is currently trading at $0.0000103. The 24-hour low and high are $0.0000100 and $0.0000106, respectively.

Meanwhile, BONE price trades at $1.52, down 7% in the last 24 hours. However, trading volume has increased by 62% in the last 24 hours, indicating an interest among traders.

Also Read: US Fed to Stop Interest Rate Hikes in September, Will Bitcoin Rally?

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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