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Shiba Inu (SHIB) Burn Portal Suggests What Could Increase SHIB Burn Rate

Published 11/29/2022, 02:30 PM
Updated 11/29/2022, 04:00 PM
Shiba Inu (SHIB) Burn Portal Suggests What Could Increase SHIB Burn Rate

The popular memecoin Shiba Inu (SHIB) is constantly involved in burning activities to increase its market price. The two-year-old community has seen plenty of new ways to burn SHIB this year, including SHIB SuperStore, Shibburn Radio, and the upcoming SB Visa (NYSE:V) Card. Despite the developments, the burn rate cannot maintain a steady flow, as it’s down by 26% in the last 24 hours.

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Nonetheless, every little burn helps, according to the Shibburn portal, which is responsible for keeping track of SHIB burning transactions. Shibburn singled out a 1 SHIB transaction, which is worth just $0.000009015, and assured the SHIB Army that even these ‘troll’ types of burns can be made use of. The micro-burning transactions attract the attention of the wider audience of Crypto Twitter and also increase the portal’s user activity.

Shibarium to Give SHIB Burn Rate a Boost?

One of the newest SHIB burning events was held by Shiba Coffee Company, which burned the tremendous amount of 5.3 million SHIB coins. The Shiba Coffee Company burns a certain amount of the canine token with every Italian roast coffee purchased on its website.

Meanwhile, the main developer Shytoshi Kusama is still working on the highly-anticipated Shibarium in partnership with xFund, the Layer-2 upgrade for SHIB’s Ecosystem. Hence, this upgrade is likely to be the kicker in SHIB’s market value, as well as other tokens including Bone ShibaSwap (BONE) for gas fees and the upcoming $SHI stablecoin.

Despite no official Shibarium launch date, the developer team set up a social hub for the upcoming Layer-2 solution. On top of that, the mysterious leader Shytoshi Kusama is set to join the World Economic Forum to discuss the future of the metaverse.

On the Flipside

  • Even though small burns of the canine tokens are still important, the overall amount of SHIB set ablaze daily rarely impacts its market price.
  • Members of the SHIB Army warn that there is a “lies campaign” going on, led by a new project called STATE.

Why You Should Care

Both popular Japanese dog-themed memecurrencies Shiba Inu (SHIB) and Dogecoin (DOGE) heavily contribute towards bringing crypto to the public.

Get the scoop on Shiba Inu:

Shiba Inu (SHIB) Reserve: Which Popular Crypto Exchange Holds the Most?

Ethereum’s (ETH) Vitalik Buterin Gives Praises to Shiba Inu (SHIB) Community

See original on DailyCoin

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