Despite Shibarium’s weekend relaunch, Shiba Inu marketing specialist Lucie has turned to Twitter to encourage the SHIB army and offer a potential explanation for why the value of the second-largest meme cryptocurrency has not increased.
Instead, according to data from TradingView, SHIB has increased by 3% during the past 24 hours.
“Why is SHIB down?” LucieSHIB suggests reason
SHIB is now down, in Lucie’s perspective, because “it rides market waves,” as all other cryptocurrencies, including Bitcoin and altcoins, do, she wrote in a tweet. It is now “a little bumpy.” She advised Shiba Inu owners and investors to consider the long term because “short-term victories fade fast.”
She thinks the Shiba Inu community has advanced too far to give up on holding their SHIB at this point.
SHIB has lost more than 25% of its value overall since August 15; as of this writing, it is trading at a price of $0.00000793.
Hundred million SHIB burned as price dips
According to the well-known burn tracker Shibburn, the SHIB army appears to be profiting from the recent price drop and has overnight sold a sizable number of meme coins.
Shiba Inu owners and Shibarium developers have sent a total of 106,052,734 SHIB to dead-end wallets in 15 transactions during the past 24 hours.
During that time, the largest SHIB burnt contained 27,848,584 SHIB, 18,517,304 SHIB, and 11,339,375 Shiba Inu meme coins.
The SHIB community may burn more coins because it is less expensive to purchase them now that the price of SHIB is falling (and the currency has retraced to 16th position on CoinMarketCap).
Shibarium finally relaunched on mainnet
Each transaction also contributes to Shiba Inu burns now that the Shibarium Layer 2 solution has made a strong comeback and has been used in 350,000 transactions; a portion of the petrol fees paid in BONE are set aside to be converted into SHIB later and burnt.
The chief developer of Shibarium, Shytoshi Kusama, has blogged on the current status of transactions and associated wallets on the relaunched Shibarium. More than 65,000 wallet addresses have already been connected to it as of now. Kusama specifically thanked the decentralised team of Shibarium, the Unification Fund, the Polygon (MATIC) team (Shibarium is a fork of the Polygon chain), and a few other developers.
