SummaryShiba Inu has increased its burn rate and is launching Shibarium, a Layer 2 solution.While this started as a memecoin, it has strong support behind it now.However, I advise waiting a bit before investing.Thesis SummaryShiba Inu (SHIB-USD) has seen some price volatility over the last few weeks. Although this started as a memecoin, this is now a flourishing ecosystem with a lot of support from users and developers. The launch of Shibarium could mark a great leap forward for SHIB. Having said that, given the risks of a coin like SHIB, I will wait for a confirmation that the broader crypto market has bottomed before I dip my feet.Price ActionOver the past few weeks, the price of meme coin Shiba Inu (SHIB) has seen an upward movement, which is sparked mainly by an increase in the token's burn rate. In just twenty-four hours, between August 23 and August 24, over 200 million SHIB tokens were burned by the Shiba Inu community.SHIB Price (TradingView)The burn rate of SHIB increased by over 99% as whale wallets burned large amounts of SHIB. In two separate transactions, a wallet sent 111,635,927 SHIB tokens to a burn address. In the first transaction, the mystery wallet sent 61,708,497 SHIB tokens to the burn address, followed by another 49,927,430 SHIB tokens. These burned tokens are forever taken out of the SHIB circulating supply. Over the years, 41% of Shiba Inu's total supply has been burned. Out of the 999 trillion SHIB th...
