- Shiba Inu is going through an increase in burn-rate by 231%.
- This happened after 196,820,007 SHIB tokens going into dead wallets.
- The launch of Shibarium is expected this year.
The Grand Shibburn
Big news for all the SHIB enthusiasts out there. Shiba Inu is going through a huge burn rate right now. This refers to the fact that the burn rate has increased drastically, by 231%, to be precise. This happened due to an enormous mishappening in the cryptocurrency market. Recently, a considerable chunk of Shiba Inu has been destroyed. This includes 196,820,007 SHIB tokens.
The reason is that millions of SHIB tokens went into wallets that were not active. These dead wallets led to an exponential increase in the burn rate. ‘Gossip SHIB’, one of the community members, believes constant daily burns are necessary. These burns will help Shiba Inu push the prices upwards, looking at the long term. This process is named- Shibburn.
The Future of Shiba Inu And its SHIB Tokens
According to the lead developer of Shiba Inu, Shytoshi Kusama, the launch of SHI stablecoin is expected this year. Shibarium’s beta phase, the blockchain/layer-2 solution of Shiba Inu, is rolling out in the third quarter of 2022.
As of this writing, the SHIB token is trading at $0.000011. A momentum indicator called the relative strength index might indicate that a short-term movement in the price of SHIB tokens is imminent. The indicator above the neutral threshold of 50 indicates “55,” suggesting a temporary advantage for the purchasers. Shiba Inu is trading at $0.000010, over the previous short-term barrier. If buyers show up at these levels, the next significant barrier is still around $0.000021. If prices decrease, SHIB may challenge the $0.000010 support level.
According to sources, the ranking of SHIB tokens is in the world’s top seven most purchased cryptocurrencies. It’s also ranked in the top 10 regarding the trading volume.
Source: https://www.thecoinrepublic.com/2022/07/11/burn-rate-of-shiba-inu-skyrockets-as-shib-tokens-went-dead/