Shiba Inu Jumps 7% As Shibarium Launch Nears — SHIB Worth $55M Burned In A Single Day

Shiba Inu SHIB/USD experienced a significant surge of 7% in the last 24 hours, outperforming Dogecoin DOGE/USD. The ascent comes as the highly-anticipated layer-2 solution, Shibarium, nears its release.

What Happened: Shytoshi Kusama, the lead developer of ShibaSwap, shared in a blog post that the launch of Shibarium is highly probable to take place in August.'

Dogecoin was up 2% in the past 24 hours, trading at $0.074.

Adding to the enthusiasm surrounding the project, the SHIB team has also confirmed its participation in the forthcoming Blockchain Futurist Conference, scheduled to be held in Toronto, Canada on August 15 and 16.

The network operates by ‘burning’ SHIB tokens, effectively reducing their supply and creating scarcity. Data from Shibburn reveals that an astonishing $55 million worth of SHIB tokens have been burned within the last 24 hours, leading to a burn rate of over 65%.

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Why It Matters:  This comes as a new blog post from Kusama elaborates on the motivations behind the introduction of Self-Sovereign Identity (SSI) and its associated benefits. SSI encompasses a range of protocols and technologies aimed at empowering users to retain their identity and assets securely within a digital wallet. 

Adding further intrigue to the Shiba Inu landscape, a prominent investor has emerged, having acquired a staggering $40 million worth of SHIB tokens in a single transaction. As per Etherscan data, this whale now holds a substantial 4.41 trillion SHIB tokens, propelling them to the 27th position among the largest SHIB holders.

Price Action: At the time of writing, SHIB was trading at $0.000009631, according to Benzinga Pro.

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