While it may have been created only in 2020, Shiba Inu – a decentralized cryptocurrency that operates on the Ethereum blockchain – has already gained a significant following because of its catchy dog-themed branding and low transaction fees. In fact, Shiba Inu is the second-biggest meme coin, and it has an enthusiastic community known as the “SHIB Army.”
One of the most significant developments in the Shiba Inu ecosystem is the Shiba Inu Burn initiative, whose main objective is to limit supply of the coins in circulation, create scarcity, and force an increase in the token’s price.
Billions of SHIB tokens have just been transferred to dead wallets across 48 transactions on Thursday. As a result, the 24-hour burn rate of the crypto has skyrocketed to the level of almost 30,000%.
Shiba Inu: Burning Milestone
A total of 2 billion SHIB tokens have been burned since Thursday morning, a remarkable feat for the SHIB Army.
With around 590 trillion SHIB in circulation, the overall goal of the ecosystem is to reduce the supply and increase the demand for SHIB tokens. This scarcity ultimately forces a price increase, making the SHIB token more valuable to investors.
However, the increase in burn rate has not lifted the price of the meme coin. At the time of writing, SHIB was trading at $0.00001008, down 11.00% in the last seven days.
SHIB has lost 30% of its price in the last 30 days, up 7% from its bi-weekly figure, according to data from crypto market tracker Coingecko.
In the last 24 hours, the meme coin has shed nearly 9% of its value as a result of the negativity surrounding the broader crypto market, data shows.
Shibarium Beta Launch This Week
Meanwhile, Shibarium, the rapid layer-2 upgrade for the SHIB ecosystem, is kicking off.
On Thursday, the Shiba Inu development team announced that a beta testnet, or a blockchain that mimics real-world functioning, is scheduled to be live this week. Users have been advised to keep an eye out for more information on how to access the Beta version.
Attention #SHIBARMY 🚨
We’re thrilled to announce that #SHIBARIUM Public Beta will be launching THIS WEEK! 🎉
— Shib (@Shibtoken) March 7, 2023
Thousands of developers and proponents of SHIB have shown their support for the Shibarium protocol. As interest in SHIB tokens accelerates, it is anticipated that the number of coins purchased will likewise soar.
SHIB currently has a total market cap of $5.5 billion on the daily chart | Chart: TradingView.com
Members of the Shiba Inu community are now enthusiastic about the impending network expansion.
Significantly, the launch might substantially strengthen Shiba’s fundamentals as the “Dogecoin Killer” strives to become a more serious project instead of just being content about its meme coin status.
-Featured image from Coopers Fire