For the Shiba Inu, it’s almost the status quo. For the moment, no zero eliminated, and even fewer convincing statistics. Except that the ShibArmy does not lose hope, and Shytoshi Kusama’s team is working to make the entire ecosystem shine at all costs.
Shiba’s burn rate increases by 10,653%
Shiba Inu took a big step by launching Shibarium, the Ethereum layer2, on August 16. Since then, he has had promises of major transformation and “great journey”. Unfortunately, this failed to positively affect the price of SHIB.
But if the price of SHIB struggles to take off like that of BTC or SOL, his burn rate has increased enormously.
According to U°TodayShiba Inu accused a burn rate of 10,653.65% since yesterday morning. More precisely, this represents 297,573,479 SHIB. Surprisingly, this burning operation (or sending cryptocurrencies to dead wallets) took place in only two stages:
- the first includes 261,408,966 SHIB;
- and the second, 21,527,028 SHIB.
And that’s not all : Shiba’s weekly burn rate increased by 11%. Over the past seven days, SHIB holders have burned a total of 321,843,771 tokens. Which means that at the moment, there are only 589,336,895,163,727 SHIBs left in circulation.
Logically, the burning of cryptocurrencies increases its level of scarcity. However, this has not yet manifested itself for the Shiba Inu. On the contrary, its price decreases.
At the time of writing, America’s favorite memecoin was trading at $0.000.008.18 per coin. That is to say a drop of 2.4% in 7 days and an increase of 1.5% over one month. Note that the SHIB tested the support level of $0.000008.05 during these latest developments.
The SHIB takes on a new role
“ This is why people need to read the #ShibPaper. This section focuses on certain roles played by $SHIB.
Did you know ? »
Here is the translation of the role of the altcoin Shiba Inu described in the photo attached to this tweet.
“ The Shib token symbolically powers our legislative apparatus. Embodying our democratic fabric, it grants every Shibizen a fair voice in shaping our shared journey. From municipal elections to legislative votes, the Shib token guarantees transparency and participatory democracy. »
A discovery (or a reminder) that made Shytoshi Kusama, the main developer of Shiba Inu, smile.
Based on this tweet, Bitcoinist insisted on theimportance of SHIB in the Shiba Inu ecosystem. Memecoin fans will therefore benefit from reading the Shipper (Shiba’s white paper) in order to contribute to the governance of the project in the manner of legislators. Like what, democracy would reign on the planet Shiba.
A statement that does not please certain members of the community who are currently suffering a long agony from their favorite crypto starter.
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