- The Shibarium network launched a burn portal to aid SHIB burns
SHIB’s burn rate increased by over 43% in the last 24 hours
As a seasoned crypto investor with a soft spot for meme coins and their communities, I find the latest development in Shiba Inu (SHIB) intriguing. The introduction of the burn portal is indeed a step in the right direction to manage its vast supply and potentially increase the value of SHIB over time. However, it’s important to remember that the crypto market isn’t always predictable, and SHIB’s bearish trend continues despite these positive efforts.
Shiba Inu‘s token (SHIB) has made a significant advancement by destroying some of its coins. This action is intended to decrease the coin’s availability and potentially increase its worth.
Nevertheless, even with those attempts, Shiba Inu (SHIB) persists in its descending trajectory as depicted on the price charts. Conversely, BONE, another token within the same ecosystem, seems to have responded more favorably to these recent updates.
Shiba Inu’s Burn Portal goes live
As stated on Shibarium Network’s previous Twitter page, they unveiled a Community Burn Portal that became active on August 16th. This burn portal aims to decrease the overall number of SHIB tokens in circulation, thereby potentially increasing their worth. Every transaction made within a Layer 2 (L2) network will contribute to burning even more SHIB tokens.
Within the initial day after the portal’s debut, approximately 3.2 million SHIB tokens were destroyed, indicating active community involvement. Furthermore, it was found that starting a burn on the portal necessitates 100 BONE tokens. This could potentially increase the demand for BONE as the rate of burning increases.
Currently, as I’m typing this, Shiba Inu coin (SHIB) has more than 589 trillion coins in circulation according to CoinMarketCap data, which gives it an estimated market value of around $7.8 billion.
Implementing the Burn Portal is a tactical step aimed at controlling SHIB‘s abundant supply, increasing its worth progressively, and strengthening the usefulness and desire for BONE within the Shiba Inu network.
Shiba Inu’s burns so far
An analysis of Shiba Inu‘s (SHIB) burn rate on Shibburn revealed that more than 410.7 trillion SHIB tokens have been burned so far. With a maximum supply initially of over 999 trillion, the significant volume of tokens burned contributed to its press time circulating supply of approximately 589 trillion SHIB.
In just the past day, the burn rate significantly increased by about 44%, suggesting a more intense push to decrease the overall supply of tokens. This continuous burn strategy is designed to control inflation and could eventually boost the token’s value in the long run.
How SHIB and BONE reacted to the development
An analysis of Shiba Inu’s (SHIB) price trend indicated that recent developments have only slightly impacted its value.
Based on the daily chart analysis by AMBCrypto, Shiba Inu concluded its previous trading session with a downward trend. Interestingly, this was the fourth straight day that the memecoin experienced a decrease in value.
Currently, as I’m typing this, Shiba Inu (SHIB) experienced a slight increase of approximately 0.45%, but its overall trajectory remains downward. The Relative Strength Index (RSI) indicates a prolonged bear market, with it staying below the neutral threshold.
Instead, BONE saw a slight improvement on the graphs. A 1% increase was observed when the news about the update became public.
Soon after though, the altcoin lost 0.6% of its value.
Similar to Shiba Inu (SHIB), Bone appears to be experiencing a downtrend, as suggested by the Relative Strength Index (RSI) falling below the neutral threshold.
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2024-08-17 18:15