The more cryptocurrencies burn, the more they gain in value. A worthy investor will understand this logic. At the ShibArmy, we rejoice as soon as the announcement of a massive burn of SHIB. We only see “woof wouf! on most social networks. These token burning stories massively impact prices.
Carnage or not, the Shiba Inu revels in burns
On August 15, the SHIB saw its price increase by 9% according to Decrypt. Thus, around 3 p.m., it was trading at 0.000 014 52 dollars. At the same time, its capitalization grew to $8.01 billion.
Certainly behind that spike was the high burn rate seen early this week. Nearly 110 million SHIBs were actually intentionally sent to unusable wallet addresses. To date, nearly 40% of the total SHIB supply has been withdrawn from circulation.
It should not be forgotten either that the advent of the Shibarium boosts the Shiba Inu. The Shibarium being a level 2 blockchain that Shytoshi Kusama’s team plans to set up by the end of the year.
Along with this increase in the price of SHIB, there was also an increase in the number of Shibaswap users. Dune Analytics had counted 145,661 users on the Shiba Inu DEX on the same day.
At the same time, we will discuss the following data:
- 61% increase in SHIB trading volumes;
- 0.023% increase in the total number of addresses holding the memecoin of Ryoshi, revising their number to 1.211 million;
- $1.2 million in SHIB liquidated in the last 24 hours.
BONE also sees life in pink
Let’s first note that the Shiba Inu, who was fine 24 hours ago, suddenly turned red. At the time of this writing, its price is valued at 0.000 012 23 dollars per piece according to CoinGecko.
That doesn’t stop Shiba Inu fans from firmly believing in a bright future for the SHIB. Recently they talked about a 1 cent SHIB. Last week, the founder of Gokhstein Media tweeted this:
Thus, the community waits for their favorite memecoin to eliminate the remaining 4 zeros. We only think of this flight to the moon.
Now let’s see the case of BONE ShibaSwap, the Shibarium-related reward token. According to U° Today, it was trading at $0.91 on the day of August 25 after seeing a 10.95% increase in 24 hours. Regarding BONE’s trading volumes, an increase of 62.3% was mentioned over the same period.
Today on CoinGeckoBONE shows a price of 1.09 dollars.
As a reminder, BONE also acts as a governance token for the Shiba Inu ecosystem. It evolves alongside LEASH. To be able to accumulate it, Shiba fans will have to dig into the ground of the BONE farms. Eventually, they will need to lock up SHIBs in the Dig liquidity pool in exchange for BONE-valued rewards.
Conclusion
Currently, Shiba Inu wants at all costs to offer a new image in the eyes of investors. If at the beginning, he had endorsed the title of “memecoin“, from now on, his fans only see in him opportunities. With a metaverse in prospect (Shib: The Metaverse), a blockchain (Shibarium), a stablecoin (SHI) being launched, and recently the release of a game (Shiba Eternity), the project has something to be excited about.
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