Shiba Inu Leaves Dogecoin, Floki Trailing In Dust With 3% Gains After Shibarium Bridge Token Withdrawals Go Live — 106M SHIB Burned In A Single Day

Shiba Inu (CRYPTO: SHIB) experienced a 3% increase in the past 24 hours as the token withdrawals from the Shibarium bridge have become operational. 

What Happened: This development follows several weeks of challenges since the highly anticipated launch, where software glitches temporarily restricted access to millions of dollars on the network.

As of the time of writing, SHIB is trading at $0.00000819. Meanwhile, Dogecoin (CRYPTO: DOGE) observed a 0.88% increase, while Floki (CRYPTO: FLOKI) saw a 2% decline.

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Why It Matters: Users have been advised to pay attention to the specific withdrawal process for different tokens. Shib and Leash withdrawals through the bridge are expected to take between 45 minutes to three hours, whereas Bone (CRYPTO: BONE) withdrawals might require up to seven days.

During the past 24 hours, a significant amount of 106 million SHIB tokens were burned and permanently removed from circulation, as reported by Shibburn. Additionally, Whalestats data indicates that SHIB has become the most traded token in the past 24 hours.

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Photo by Dennis Diatel on Shutterstock

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