Tech

What to expect from Shiba Inu’s ‘year-ending surprise’?

11 months ago
Bitcoin Ethereum News

Journalist

Posted:


  • SHIB’s burn rate exploded in the last 24 hours.
  • Kusama’s rousing post also seemed to have triggered demand for SHIB.

Shytoshi Kusama, the anonymous lead developer of Shiba Inu [SHIB], kept the SHIB supporters guessing with hints about the upcoming “year-ending surprise.”

Kusama tries to uplift the Shib army

In a recent series of posts, Kusama raised the spirits of the memecoin’s passionate fanbase by talking about the possibility of burning billions of SHIBs in the days ahead.

For the uninitiated, burning is a deflationary process that permanently removes cryptocurrency tokens from circulation. Done to boost the asset’s demand and increase its market value, it is now one of the most talked-about subjects in the crypto space.

In the case of Shiba Inu, the burning process happens in two ways — manual and automatic. Manual is when users send tokens to a burn address in return for a reward.

On the other hand, the automatic mechanism is tied to the ecosystem’s recently launched layer-2 blockchain Shibarium, where each transaction would result in some SHIBs leaving circulation.

Simply put, the more the network is used, the more tokens will be burned.

Kusama, one of the brains behind Shibarium, stressed the importance of global adoption to achieve “impactful burns.”

While he admitted that adoption increased in 2o23, Web3 disruptors would need to put in a lot more effort to give the Shiba Inu ecosystem a worldwide appeal.

He also talked about the need for Shiba Inu to transition from memes to a global Web3 technology, capable of solving modern-day problems.

Immediate impact was seen

Interestingly, SHIB’s burn rate exploded in the last 24 hours, AMBCrypto noted using Shibburn’ data. More than 8 billion tokens went up in smoke, causing the burn rate to spike by an unreal 727870.14%.

Source: Shibburn

Kusama’s rousing post also seemed to have triggered demand for SHIB. The second-largest meme coin gained 5.17% in the last 24 hours, according to CoinMarketCap.

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

Something revolutionary on the way?

Shytoshi Kusama recently created a flutter amongst the community members by teasing about a “year-ending surprise.” Since then, the SHIB army has been endlessly discussing the nature of the announcement in social circles.

Moreover, transactions on the Shibarium network have jumped since this teaser. As per data accessed by AMBCrypto using Shibariumscan, about 7.85 transactions were recorded on the 15th of December, a jump of 8% from the previous day.

Source: Shibariumscan

Source: https://ambcrypto.com/what-to-expect-from-shiba-inus-year-ending-surprise/