What’s Happening with SHIB This Year?
Shiba Inu’s price has experienced a notable 26% drop within the last 30 days. Additionally, the burn rate has decreased by a staggering 90%, which could potentially lead to further declines ahead.
Another Cause for Concern
Recent data shows that the second-largest meme coin, SHIB, has been underperforming with a price decline of around 26% over the past month. Consequently, its market capitalization has fallen below $8 billion, positioning it as the 16th largest cryptocurrency globally.
- Indicators suggest that this downward trend may continue in the near future.
- A significant example is the burn rate, which has plummeted by over 90% weekly, resulting in less than 13 million tokens burned.
Shibarium’s Recent Update
Shiba Inu’s layer-2 scaling solution, Shibarium, has recently introduced a new burning mechanism known as the “Burn Portal.” This initiative aims to reduce the overall supply of tokens, similar to SHIB’s primary burning program.
- Both SHIB’s burning mechanism and Shibarium’s operate differently but have the same goal of decreasing token supply.
- The original Shiba Inu burn program relies on community involvement and manual burns, where holders can voluntarily send tokens to a null address to remove them from circulation.
- BONE, the governance token in the Shibarium ecosystem, is crucial for validators and delegators. It is used to pay gas fees and interact within the network.
- On Shibarium, SHIB burning is tied to transaction fees where a portion of the fees, paid in BONE, is used to purchase SHIB tokens. These tokens are then sent to a null address for burning when a certain amount of BONE tokens are accumulated.
Stay Updated on the Shibarium Ecosystem
To stay informed about the latest developments within the Shibarium ecosystem, be sure to regularly check for updates on our Shibarium news portal.
Hot Take: Keep an Eye on SHIB’s Future
With SHIB’s price and burn rate experiencing significant declines, investors and holders alike should closely monitor its performance in the coming weeks to gauge potential future trends and developments.
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