Unlocking Potential: Shiba Inu Burn Rate Surges 90% - Is a SHIB Price Rally on the Horizon?
Amit Jaiswal
Founder @ Solidity Labs & Bitcoin Gurukul | Leading Crypto/Web3 Innovator | Product Management, Business Development, and Strategic Planning | Trainer & Educator
Shiba Inu (SHIB) enthusiasts witnessed a significant surge in the token's burn rate today, witnessing the removal of over two million tokens from circulation. However, despite this bullish development, SHIB's price continues to face downward pressure amidst an overall correction in the crypto market.
The Latest Boost
Today, Shiba Inu's burn rate experienced a remarkable 90% increase compared to the previous day. This resulted in the elimination of over two million SHIB tokens from circulation, marking a substantial reduction in the token's overall supply.
According to Shibburn, last month witnessed the burning of almost 1.7 billion SHIB tokens across 204 transactions, with the majority of the destroyed assets being transferred to the Contract Address. The Shiba Inu development team clarified that this surge in burn rate was not driven by any significant news but rather by users inadvertently sending their tokens to the Contract Address, resulting in irreversible losses.
Despite these efforts to decrease the token supply and potentially increase its scarcity and value over time, SHIB's price has experienced a decline of over 20% weekly, aligning with the broader market correction in the cryptocurrency space.
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Looking Ahead
Amidst these developments, the ongoing progress of Shiba Inu's layer-2 scaling solution, Shibarium, offers a glimmer of hope for potential future price surges. Since its official launch in August last year, Shibarium has achieved several milestones, surpassing 400 million total transactions.
A recent user interface (UI) update in Shibarium has enhanced compatibility with popular self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet, prioritizing user experience and speed. The team behind Shibarium remains committed to continual improvements, with another upgrade scheduled for May 2 through a "hard fork." This upgrade aims to further enhance user experience, implement faster block processing times, and empower the community of developers and innovators.
Hashtags: #ShibaInu #SHIB #CryptoBurn #Cryptocurrency #Blockchain #CryptoMarket #Tokenomics #CryptocurrencyNews #CryptoUpdates #cryptonews #cryptoeducation #bitcoingurukul
Telecom Advisory, MSc/MBA CMC CISSP
10 个月Davinci was shilling it for a few weeks but apparently they stopped paying him, so he dropped it. I would think about better ways to invest my money instead of a failed meme conversion into a layer 2.