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    SHIB Maintains High Volatility

    Shiba inu price digest

    At the time of writing, the Shiba Inu token (SHIB) is ranked 15th among the largest digital currencies. Over the past 24 hours, its price has increased by 9.37%, reaching $0.00002668. 

    SHIB price sees a growth

    A significant number of SHIB tokens were burned last week and in the last 24 hours. In total, more than two billion coins were burned in just two days early last week. Over the past 24 hours, the same fate befell approximately 300 million SHIBs.

    Earlier it became known about the plans of three companies – Italian burger chain Welly's, John Richmond fashion brand and Sorbillo's pizza chain – to join the token burning campaign via NOWPayments platform which is currently testing a burning portal for SHIB and Doge Killer (LEASH).The purpose of the burning mechanism is to make the token more scarce and thus raise its price.

    Despite the current growth, the number of its holders has been declining over the past few months, amid winter sales and high volatility of the token. Almost 80% of the total SHIB supply is controlled by large investors – "whales", whose addresses hold tokens worth more than $100,000.The activity of SHIB addresses is decreasing and the online interest in the token is falling, as evidenced by Google Trends data. Thus, from November last year to the end of March this year, the number of search queries related to the coin decreased by 97%.

    There is an opinion that the price of the token may start to grow significantly after the launch of the Layer-2 Shibarium blockchain, which is due to take place this year. Shiba Inu runs on the Ethereum blockchain, which causes problems of network congestion and high gas fees.

    The purpose of Shibarium is to increase the speed of transaction processing and reduce the size of transaction fees. The transition to a second-level blockchain is intended to pave the way for NFT based games in 2023.

    The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research. This text is not a guide to action. The author's opinion may not coincide with the opinion of CoinJoy.