Shiba Inu burn rate skyrockets by over 10,00% after the Shibarium code rumors ended

Data from Shibburn indicates a 10960.22% spike in the burn rate of Shiba Inu (SHIB) tokens. However, the burn rate was largely driven by a transaction that burned over 924.15 million SHIB tokens.

Koyo Token, a DeFi project on the Ethereum (ETH) network, burned 924.15 million SHIB tokens, according to influencer Lucie of SHIB. The objective of Koyo is to create a decentralized platform that enables users to securely access various financial services, such as lending, borrowing, and staking.

Another one 🚨

924,150,949 $SHIB was burned by @KoyoToken

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) March 17, 2023

The spike follows recent rumors suggesting that Shiba Inu’s Shibarium network code was stolen from Rinia. However, the testnet developer for Rinia has denied this accusation and clarified that no code was taken. The only complaint was regarding Shibarium developers keeping the Chain ID of the original project.

Is Shiba Inu making a comeback?

Rumors of a possible code theft caused SHIB tokens to experience a minor sell-off, resulting in a 10% drop in the daily charts. However, these rumors were quickly dispelled, and Shiba Inu (SHIB) has since made a comeback, currently up by 3.9% over the past 24 hours and 6.4% over the past week. Technical indicators point to SHIB facing resistance at $0.00001071, with support formed at $0.00001019 in the 4-hour chart.

At the time of writing, Shiba Inu (SHIB) was trading at $0.00001075, registering a 0.6% rise in the last hour. Despite this profitable activity, SHIB is still far from reaching its all-time high (ATH) of $0.00008616 in October 2021, losing 87.55% of its ATH. Although the climb back to this peak might be a long one, many users and fans of SHIB anticipate a bull run after the launch of Shibarium. The exact launch date for the layer-2 network is still unknown, but the beta testnet is live.