Earlier today, a renowned platform known as Shibburn took to Twitter to announce a fresh endeavor. Historically, Shibburn has been primarily engaged in disseminating information to the community regarding the burning of tokens within the network. However, the platform has chosen to intensify its dedication and allegiance to the network by introducing a novel entity called the ‘Shib Association.’
In a rather lengthy tweet, the network introduced the inception of the SHIB Association. Shibburn communicated that this particular platform will be exclusively focused on matters related to Shiba Inu. Its main objective is to bring value and innovation to the SHIB ecosystem by creating its own blockchain. Shibburn further emphasized that it should not be confused with other initiatives, as it operates as an autonomous entity. Moreover, the SHIB Association will maintain an independent operational framework from Shibburn, although Shibburn will actively contribute to its functioning. Despite this, the recent announcement took the community by surprise and was perceived as a communal endeavor to rejuvenate the SHIB network.
Social Sentiment for Shiba Inu Wanes
The Shiba Inu [SHIB] network has been undergoing a continuous decline, encompassing both its price and network activity. The introduction of SHIB’s layer-2 scaling solution, Shibarium, resulted in a failed launch that greatly impacted the network’s performance. Simultaneously, the general sentiment surrounding the asset also started to decrease.
The provided chart illustrates a noticeable decrease in interest towards Shiba Inu over the recent days. Although the network initially garnered attention with the unveiling of Shibarium, this positive trend didn’t endure. Moreover, key indicators of network activity, including transaction count, daily active addresses, and transaction volume, all showed a decrease. For instance, last week witnessed a transaction count of 9.64K, which has now dropped to a mere 4.19K.
Following an entire week marked by downward movement, SHIB finally began to steer away from the negative zone. The meme coin found itself trading at $0.00000824, showcasing a 3.2% increase in its daily value. This upward shift instilled a notable sense of optimism within the SHIB ecosystem. Shiba Inu’s value surged from its lowest point of $0.00000771 to its peak at $0.00000825.