logo

Shiba Inu burn rate skyrockets by over 10,00% after the Shibarium code rumors ended

Shiba Inu burn rate skyrocket by over 10,000% after the Shibarium code debacle ended

TL;DR Breakdown

  • Shiba Inu’s burn rate skyrockets by 10960.22%
  • However, the burn rate was largely driven by a transaction that burned over 924.15 million SHIB tokens.

Data from Shibburn indicates a 10960.22% spike in the burn rate of Shiba Inu (SHIB) tokens. However, the burn rate was largely driven by a transaction that burned over 924.15 million SHIB tokens.

image 345
Source:Β Shibburn

Koyo Token, a DeFi project on the Ethereum (ETH) network, burned 924.15 million SHIB tokens, according to influencer Lucie of SHIB. The objective of Koyo is to create a decentralized platform that enables users to securely access various financial services, such as lending, borrowing, and staking.

The spike follows recent rumors suggesting that Shiba Inu’s Shibarium network code was stolen from Rinia. However, the testnet developer for Rinia has denied this accusation and clarified that no code was taken. The only complaint was regarding Shibarium developers keeping the Chain ID of the original project.

Is Shiba Inu making a comeback?

Rumors of a possible code theft caused SHIB tokens to experience a minor sell-off, resulting in a 10% drop in the daily charts. However, these rumors were quickly dispelled, and Shiba Inu (SHIB) has since made a comeback, currently up by 3.9% over the past 24 hours and 6.4% over the past week. Technical indicators point to SHIB facing resistance at $0.00001071, with support formed at $0.00001019 in the 4-hour chart.

image 346
Source:Β SHIB/USDT Chart by Trading View

At the time of writing, Shiba Inu (SHIB) was trading at $0.00001075, registering a 0.6% rise in the last hour. Despite this profitable activity, SHIB is still far from reaching its all-time high (ATH) of $0.00008616 in October 2021, losing 87.55% of its ATH. Although the climb back to this peak might be a long one, many users and fans of SHIB anticipate a bull run after the launch of Shibarium. The exact launch date for the layer-2 network is still unknown, but the beta testnet is live.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Damilola Lawrence

Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

Related News

Hot Stories

Dogecoin price analysis: As bullish sentiment picks up, DOGE moves higher above $0.0750
Coinbase plans to stay in Canada; Binance likely to exit as regulations for crypto exchanges tighten
How Developer Happiness Affects Team Productivity in Blockchain Development
Paxful refunds Earn Program users affected by Celsius Network collapse
Looking Into 2023 and Beyond: How Can We Fast-Track Crypto Mass Adoption?

Follow Us

Industry News

Paxful refunds Earn Program users affected by Celsius Network collapse
VIP treatment elsewhere? Do Kwon says his arrest shocked him
Joe Biden says banking crisis is not over yet - Here is why
Breaking: Signature Bank kicks crypto clients to the curb
Metamask warns of "false rumors" of airdrop

Add Your Heading Text Here