The latest update on the Shiba Inu token made headlines during the week’s activity in the cryptocurrency industry. According to the report, SHIB had a 500% increase in its daily burn rate. More than half a billion SHIB have been burned in the weeks before, with millions extra tokens sent to dormant wallets.
The report also states that Shiba Inu was also affected by the market downturn, which lasted for seven days, hence reducing SHIB value by 3.64%. Shiba Inu community hailed the successful introduction of Shibarium, a significant development for the token amid the shaky market.
According to a visual published by the Shiba Inu team, the weekly burn rate significantly decreased by 74%, which attracted the attention of SHIB enthusiasts as a welcome development. Last week, SHIB was also reported to have recorded a 1,173% increase in the number of major holders.
This reduction was overshadowed by a surge in the daily burn rate, which saw a total of 135,851,937 SHIB tokens burned in 11 transactions on the previous day. The Shiba Inu community has calculated to burn tokens to lower the overall supply of SHIB, potentially raising its scarcity and, consequently, its value.
Launch Of WBONE Named SHIB Most Innovative Achievements
The launch of WBONE (Wrapped Bone), which improves the compatibility of BONE, another token in the SHIB ecosystem, with different tokens and decentralized apps (dApps) on the Shibarium network, is one significant advance in the Shiba Inu ecosystem.
This action is viewed as an effort to increase the ecosystem’s utility and adaptability of SHIB-related tokens. Shiba Inu team leader Shytoshi Kusama explained the WBONE and its workings and said that Kaal Dhairya, the Shiba Inu developer, will make a formal announcement.
SHIB’s value decreased by a negligible 0.90% during the course of the last day, dropping to $0.0000078 per token. The Shiba Inu community has remained upbeat about the long-term prospects of the token despite a minor decline, especially in light of recent ecosystem changes.
SHIB Experience Another Set Of Significant Move, Burns 30,000%
It was also gathered that another set of over 1.5 billion Shiba Inu tokens was burn of recent, bringing the total burn rate to 30,000%. This event is happening when the cryptocurrency market is experiencing a slow recovery. This, industry experts say, is a sign of the industry’s recovery. Commenting on the situation, analysts at CoinMarketCap wrote that the daily 1.5 billion SHIB Burn rate can reduce the coin supply immensely.
CoinMarketCap blog also explained that with the 573 trillion in circulation, over one hundred million SHIB tokens burnt last year are needed for SHIB’s value to significantly measure up. The market will start witnessing the impact if it experiences a little less than one billion SHIB burn rate daily. Shibburn has also taken its X social media handle to announce that 564,273,572 SHIB (in total), burned in the past 7 days in 88 transactions.
However, Shiba Inu was down by 0.90% in the past 24 hours, selling for $0.00000784 at press time. SHIB has been down by 3.64% in the past seven days, unlike what was applicable after the launch of Shibarium. Meanwhile, Shiba Inu’s new Layer 2 blockchain has recorded more than a million wallets, which signifies increased adoption and utility.