Shibarium announced that each transaction that takes place on its network will “burn” SHIB, with the aim of gradually reducing the total amount of the token, which will likely lead to an increase in its price as its existing capitalization remains or increases.

Shibarium has been in the headlines since Shytoshi Kusama, the founder of the Shiba Inu ecosystem, teased about the project back in December. Ahead of this, SHIB – the native token of the ecosystem – gained 27% in the last 30 days.

Shiba Inu has share details about how it plans to burn SHIB on Shibarium.

The meme token shiba inu has seen a rise against the U.S. dollar during the last seven days as the coin’s supporters anticipate the beta launch of the layer two (L2) scaling solution Shibarium. Developers detailed on Jan. 15, 2023, that the L2 platform, “Shibarium beta,” is about to be launched on top of the Ethereum blockchain to provide better scalability, faster transaction times, and lower fees.

Solana started the week trading near a two-month high, as momentum remained marginally bullish, despite market consolidation. The global cryptocurrency market cap is currently trading 0.98% higher as of writing. Shiba inu also traded close to recent highs, despite declines on Monday.

Shiba Inu is the biggest token position by dollar value among the top 100 whale wallets.

Shiba Inu Coin News: Shiba Inu (SHIB) is witnessing an upwards rally as the launch date of the much anticipated Shibarium closes in. This positive update has helped the Shiba Inu Coin to get an edge over the world’s largest cryptocurrency, Dogecoin (DOGE). However, data reveals that Ethereum (ETH) whales are scooping in more and more SHIB ahead of the launch.

As the dog-themed crypto asset gets ready to launch its new metaverse, a crypto whale is suddenly transferring trillions of Shiba Inu (SHIB) tokens.

Shiba inu was one of Friday’s biggest gainers, as the meme coin raced to a six-week high. The move came as the global cryptocurrency market cap surged, as U.S. inflationary pressures continued to cool off. Ethereum classic was also in the green, with price hitting a two-month high.

Shiba Inu edges close to eliminating a zero from its price.

As shared by Whale Alert cryptocurrency tracking service, which usually published the details of large crypto transactions via its Twitter handle, about 20 hours ago, an unknown wallet shoveled over 3.3 trillion Shiba Inu to a brand new wallet.

The market is trading in green as significant crypto jumps up during the previous 24 hours. Since we entered the new year the market has been optimistic.

The SHIB project will be previewing the WAGMI Temple Hub at this year’s SXSW XR experience.

Twitter has added cashtag support for Shiba Inu.

Bitcoin [BTC] broke above the $17.6k-$17.8k resistance zone and traded at $18.1k at the time of writing. Even though it faced resistance at $18.2k and $18.6k at press time, the bulls continued to make a strong case for further gains. An inefficiency further north meant a BTC move toward $20k became more likely by the day.

Lithuania-based cryptocurrency payment processor CoinGate has entered into a new partnership that will further enhance Shiba Inu’s use as a payment method. 

Massive Shiba Inu Token Burn: 23.68 million SHIB Removed from Circulation in 24 Hours, Led by a Mysterious Wallet

Indian crypto exchange WazirX has released its Proof of Reserves (PoR), sharing wallet addresses and digital asset holdings. Notably, Shiba Inu accounts for the largest proportion of assets on the exchange as over 19% of its holdings are in the form of the meme coin.

Cryptocurrency exchanges worldwide have continued to release their Proof of Reserves (PoR) following the collapse of FTX. In a recent development, India’s leading cryptocurrency exchange, WazirX, joined other exchanges to release its Proof of Reserve, which shows a reserve-to-liability ratio of 1:1. 

Bugatti Group is launching a collection of NFTs and physical items in partnership with the doggy-themed crypto project.