On the other hand, the SHIB army has had reason to celebrate as the burn rate of their favorite meme coin increased by a staggering 36,497.56%, as reported by Shibburn.
The forthcoming release of the Shibarium Beta layer-2 blockchain may account for the recent surge in the crypto’s burn rate.
However, how this plays out could depend upon how bad the collapse of SVB is and how it affects investor sentiment and the excitement surrounding Shibarium’s launch.
More Pain For The Crypto Market?
Meanwhile, some market observers now expect more pain for the crypto sector following the failure of Silicon Valley Bank and the spread of FUD about hidden risks in the financial and banking sector in general.
Christopher Whalen, chairman of Whalen Global Advisors, said in quotes by Reuters:
“There could be a bloodbath next week as […] short sellers are out there and they are going to attack every single bank, especially the smaller ones.”
While SHIB continues to generate bustling market activity, larger addresses have started to unload their assets, leading to a decline in the number of whale transactions.