Shibarium will burn SHIB with every single transaction

• Atomic crypto wallet has announced the support of the Shibarium layer 2 networks amid increased community engagement.
• The Shiba Inu dead address has about 410,334,881,152,000.50 SHIB, representing around 41 percent of the total circulating supply. 

The Shiba Inu (SHIB) ecosystem is eagerly waiting for the Shibarium beta launch, which is set to be released within a week. The Shibarium launch has received a lot of attention from crypto-related media outlets. Moreover, the Ethereum-based meme coin takes pride in over $7 billion in market capitalization and a 24-hour trading volume of about $297 million. With over 1,312,232 holders, the Shiba Inu ecosystem is expected to grow exponentially after the Shibarium launch.

As the Shibarium launch approaches, more exchanges around the world are looking to list the second-largest meme coin. For instance, Shiba Inu was recently listed on a top Japanese cryptocurrency exchange dubbed OKCoin. Additionally, the Bitget cryptocurrency exchange earlier this month listed Shiba Inu’s BONE token with the USDT trading pair. 

Notably, Atomic crypto wallet has also announced the support of Shibarium layer 2 networks. The momentum of Shibarium support is expected to grow after the launch as more traders speculate on the meme coins’ future prospects.

We’re going to support @ShibariumNet in Atomic! 🍖The Layer2 Network will be running by @Shibtoken for #ShibArmy pic.twitter.com/s2F8O4gkUI

— Atomic – Crypto Wallet (@AtomicWallet) January 26, 2023

With the Shibarium launch, more SHIB burns are expected to take place with every transaction. Notably, the Shiba Inu dead address has about 410,334,881,152,000.50 SHIB, representing around 41 percent of the total circulating supply. 

Some of the largest Shiba Inu investors include Binance and Crypto.Com according to on-chain data. Other whales are unknown with hundreds of millions of dollars worth of Shiba Inu.

Shiba Inu Price Analysis

With supportive fundamental aspects, Shiba Inu has attracted more speculative traders worldwide amid regulatory scrutiny on digital assets. The second-largest meme coin has registered staggering gains of about 22,862,277 percent from its all-time low. Nonetheless, the dog-themed meme coin is down approximately 85 percent from its ATH.

Since hitting a six-month high on February 04, Shiba Inu’s price has consolidated at $0.00001289 for the past four weeks. With a golden cross on the daily time frame between the 50 and 200 MA, Shiba Inu bulls are likely to push beyond for a breakout towards last August’s high.

However, a bullish thesis could be invalidated if the Shiba Inu price keeps dipping in the coming weeks. An incoming price decline has the support of the daily RSI that has a falling divergence on a possible head and should form a formation.

In such a scenario, the multi-quarter consolidation after every crypto bear market could be in the early stages. 

Meanwhile, Shiba Inu’s rival Floki (FLOKI) has released its 2023 roadmap following its announcement as the new Twitter CEO. The expected activities include the Binance Pay partnership, the shop Floki launch, and a partnership with Pyth Network, among others.

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