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Shiba Inu (SHIB) Burn Rate Suffers 87% Decline In Single Week
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Shiba Inu (SHIB) Burn Rate Suffers 87% Decline In Single Week

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Shiba Inu

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In recent weeks, the burn numbers of Shiba Inu tokens have not been particularly great, especially in the past seven days. This is despite the growing optimism amongst investors about the ecosystem’s prospects. In fact, there are speculations about a potential bullish run – as things stand.

The price of the SHIB coin has been on a steady rise recently, gaining over 7% in the last seven days. According to data from CoinGecko, SHIB is currently valued at $0.00000716, with a daily trading volume of more than $118.9 million.

Shiba Inu

SHIBUSD trading at $0.00000717 | SHIBUSD chart from TradingView

Related Reading: Shiba Inu (SHIB) Positive Social Sentiment Sparks Bullish Speculation

SHIB Burn Rate Drops By 87%

The amount of SHIB tokens sent to the dead wallet has decreased dramatically in the past seven days. Interestingly, these dwindling burn numbers coincide with the launch of an in-real-life (IRL) component by the popular meme-inspired ecosystem. This positive development capped off what was an overall great week. 

That said, the dramatic dip in the amount of Shiba Inu tokens being burnt might be something to worry about. According to data from the Shibburn wallet tracker on Twitter, only 38,673,239 SHIB tokens were transferred to the dead wallet in the last seven days, indicating an 87% overall decrease in the token’s burn rate.

It is worth noting that SHIB’s burn rate is on some recovery at the moment, as over a million tokens have been set ablaze in the past day. This represents a whopping 281% burn rate increase in the last 24 hours.

Shibacals Launches In Anticipation Of Shibarium

Shytoshi Kusama, a prominent Shiba Inu developer, has noted in the past the challenge of moving the SHIB price based on burns only. He, however, said introducing new technologies and utilities and expanding the ecosystem can help boost SHIB’s value.

With the falling burn numbers and the launch of Shibarium drawing closer, it is clear that there should be a focus on improving the project’s value through new products and technologies. Hence, it can be said that the launch of Shibacals – the in-real-life component of Shiba Inu – is a move in the right direction. This newly-launched product is expected to push the ecosystem beyond the digital space.

According to a tweet showing a screenshot of Shytoshi’s message, Shibacals also brings us one step closer to the takeoff of Shibarium – Shiba Inu’s Layer-2 protocol. Although there is no set date for the launch of the layer-2 protocol, there are strong speculations it will launch in the Q3 of 2023.

That said, the Shibarium protocol is expected to undergo a series of tests and audits before it goes live on the mainnet.

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1 year ago
Featured image from Dreamstime.com, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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