Shiba Inu, a decentralized cryptocurrency that runs on the Ethereum blockchain, may have only been founded in 2020, but because to its memorable dog-themed branding and affordable transaction fees, it has already amassed a sizable fanbase. Shiba Inu is actually the second-largest meme coin, and it has a devoted following known as the “SHIB Army.”
The Shiba Inu Burn effort, whose main goal is to reduce the amount of coins in circulation, create scarcity, and force an increase in the token’s price, is one of the most important developments in the Shiba Inu ecosystem.
In 48 transactions on Thursday, billions of SHIB tokens were just transferred to defunct wallets. As a result, the cryptocurrency’s 24-hour burn rate has increased dramatically to approximately 30,000%.
A great accomplishment for the SHIB Army, 2 billion SHIB tokens have been torched overall since Thursday morning. The overall objective of the ecosystem is to decrease the supply and raise demand for SHIB tokens, as there are currently 590 trillion SHIB in circulation. The SHIB token becomes more desirable to investors as a result of this scarcity, which ultimately drives up prices.
The price of the meme currency has not increased despite the rise in burn rate. SHIB was trading at $0.00001008 at the time of writing, down 11.10% over the previous week. According to data from cryptocurrency market tracker Coingecko, SHIB has lost 30% of its value in the last 30 days—an increase of 7% from its biweekly number.
The negative sentiment surrounding the larger crypto market has caused the meme coin to lose close to 9% of its value over the past 24 hours, data suggests.Shibarium, the quick layer-2 upgrade for the SHIB ecosystem, is starting up in the meantime.
The Shiba Inu development team declared on Thursday that a beta testnet—a blockchain that simulates how the real world works—would go live this week. On how to access the Beta version, users have been asked to keep an eye out for more details.
The Shibarium protocol is backed by thousands of SHIB developers and supporters. It is anticipated that as interest in SHIB tokens grows, so will the quantity of coins bought. The community of Shiba Inus is now excited about the upcoming network growth.
While the “Dogecoin Killer” aspires to become a more serious project rather than just being satisfied with its meme coin status, the launch might significantly enhance Shiba’s fundamentals.
