Following the brief speech by main developer Shytoshi Kusama at the fifth annual Blockchain Futurist Conference in Toronto, the popular meme cryptocurrency Shiba Inu has shown a fall of more than 6% during the previous 24 hours.
SHIB pushed down, another zero added again
Prior to that, on August 15, SHIB saw a price increase of 4.49%; however, it was surpassed by an overnight decline of 6.22%.
SHIB, the second-largest meme currency, currently trades on the Binance platform for $0.00000996 after adding another zero to its price.
The most plausible explanation is that traders started selling SHIB following the increase and secured their gains.
The Layer 2 solution for Shiba Inu, termed Shibarium, is likely to be introduced during the conference, thus the Shiba Inu army eagerly anticipated Shytoshi Kusama’s address. The launch would take place today, August 16, if that were to occur.
LEASH price goes down after coin’s listing by Crypto.com
Although they were extremely near to the release date, developers had not yet established one, according to Lucie, the official marketing specialist of the SHIB team.
Kusama’s brief address focused mostly on decentralisation without providing any concrete facts, emphasising how instead of letting the globe and financial system be “ruled by many,” they are now being “ruled by a few.”
Despite Kusama’s remarks and the fact that significant cryptocurrency exchange Crypto.com added the Doge Killer (LEASH) coin on Tuesday, the Doge Killer (LEASH), one of the Shibarium trinity, is also down today. With the tweet “VERY NICE!,” Shytoshi Kusama thanked the platform for this action. By the way, amazing platform, Cryptocom. Amazing design. Keep up the wonderful job!”
Hundreds of millions of SHIB burned
Shiba Inu’s attendance at the conference in Toronto did not cause a price increase, but its burn rate increased by over 122%.
The SHIB army’s effective efforts to remove 248,114,350 Shiba Inu meme coins from circulation were responsible for this accomplishment.
After then, the burn rate increased by 121.34%. Numerous large transactions containing 18,279,090 SHIB, 23,786,641 SHIB, 23,140,760 SHIB, etc. were part of the sequence of burning. 34,038,158 Shiba Inus made up the largest single burnt piece, which occurred around four hours ago.
