The Shiba Inu [SHIB] network has fared very well in recent months. Meme cryptocurrencies are gaining traction in spite of other cryptocurrencies’ rising popularity.
The Shiba Inu Burn is one such initiative that tries to decrease the number of SHIB in use. This foresees a price increase brought on by a decline in supply and a rise in demand.
Shiba Inu’s principal developer, Shytoshi Kusama, releases a crucial update about the burn as the community and devs work to increase the burn game.
Shiba Inu game might have a burn mechanism
Earlier, Shytoshi Kusama tweeted a statement about the SHIB burn. Kusama had already been charged with failing to take sufficient measures to burn enough SHIB. He informed the Shibarmy in a tweet that there might be burns sustained during the game.
When the blockchain version of the Shiba Eternity game is launched, he promised to explain why it is “powerful, challenging, fantastic for Shib, Shiboshi holders, and Shibarium.”
Kusama made certain allusions to the significance of the Shiba Eternity game and specific SHIB burns-related elements. The Shib Army is preparing for this upgrade since it could encourage more SHIB to be transmitted to a dead wallet.
One of the most urgent issues facing the Shiba Inu community is SHIB burning. Though the process is moving more slowly than investors would like, more than 40% of the total supply of SHIB has been sent to dead wallets. Nearly 11 billion SHIB, or $128,000, have been burnt in the last three months, per the Crypt Eye portal.
The burning impact has now been somewhat reduced. Only 56,605,101 SHIB were burned during the course of the past 24 hours. This is only a 53.22% increase in burn rate from the day before. At the time of writing, 56,605,101 SHIB is worth $600.
Major currencies are falling in value, which is hurting the cryptocurrency sector. Within the past 24 hours, SHIB has decreased by 10.75%. The price at the time of writing is $0.00001061. Bitcoin and Ethereum have also plummeted by 8% and 11% in the last 24 hours. The whole market has slumped into the red with single and double-digit losses over the last 24 hours.