As a seasoned crypto investor with a knack for spotting promising projects, I find myself intrigued by the recent developments in Shiba Inu (SHIB). The surge in burn rate, as high as 13,900% in the last 24 hours, is undeniably eye-catching. It’s like watching a flock of Shiba Inus scampering away, reducing the token supply and potentially boosting its value.
There’s been a massive increase in the number of Shiba Inu (SHIB) tokens being destroyed, or “burned,” indicating a potential rise in its price. As per the Shibburn tracker, which keeps tabs on SHIB burn rate and amount, this burn rate has skyrocketed over 13,900% within the past day. Consequently, approximately 96 million SHIB tokens have been transferred to inactive wallets. This significant decrease in the circulating supply aligns with the community’s aim of reducing the token’s overall supply.
New Burn Mechanism Facilitate SHIB Burn
This significant rise in Shiba Inu’s burn rate occurs hand-in-hand with an escalation in the token’s price over the past few days. Following this rapid upward trend, the value of the token has varied. Currently, SHIB is trading at $0.000014 on CoinMarketCap, representing a 1.09% decrease.
The burn rate has reignited new hopes for a potential price rebound. From the circulating supply of about 583 trillion SHIB, the project has successfully destroyed over 410 trillion tokens.
Shiba Inu Burn Rate Chart. Source: Shibburn
Following the activation of the ShibTorch automated burn mechanism on Shibarium, there’s been a significant increase in the rate at which tokens are being burned. Specifically, this happened on August 9, marking a major update for Shibarium, their Layer 2 network built for the Shiba Inu ecosystem. This update was a hard fork that introduced a new version of the Bor software (v1.1.2-bone).
As an analyst, upon the successful deployment at block height 6,206,570, I witnessed the implementation of a novel burn mechanism for Shiba Inu coins. The SHIB marketing lead, LUCIE, provided some insights on how this mechanism operates. She explained that it would be connected to users’ transaction fees, implying that each transaction fee would contribute towards the automatic burning of Shiba Inu tokens.
As a researcher in this realm, I can state that 70% of every base transaction fee within our network is automatically transferred into what we call the burn wallet, with no human intervention required. The remaining 30% serves the essential purposes of network maintenance, development, and fostering growth. It’s important to note that prior to being burned, these transaction fees are converted into SHIB, ensuring a seamless integration with our token system.
Based on my expectations since its introduction, this novel burn mechanism appears to be substantially decreasing the circulating supply of SHIB, as suggested by the latest reported burn rate percentage.
New Shiba Inu Advances Beyond Burn Rate
To enhance the Shiba Inu environment, the protocol unveiled the initial beta release of Shiba Eternity – a captivating Web3 game built on the Shibarium platform. This game provides a smooth and secure user experience, utilizing blockchain technology for in-game transactions and asset handling.
Furthermore, this game offers a competitive system that includes 15-day tournaments for players to join. The rankings in these tournaments are determined by each player’s performance, with prizes distributed according to their final positions. The top 25 ranked players get special access to exclusive events and unique rewards during the season, which take place in special tournaments.
In the meantime, the game has undergone substantial improvements, featuring a revamped tutorial, a sleeker user interface, and numerous other enhancements. The updated reward system offers several advantages to players moving from the Web2 version of the game. These benefits include swifter advancement, better quests, and exclusive welcome presents.
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2024-08-30 12:57