The SHIB token burn rate surged around 60% in the past 24 hours, with roughly 80 million tokens being incinerated. Most of these were burned in a single transaction, while the others were smaller transfers. Unfortunately, this spike in burning activity did not have a significant impact on SHIB’s price, which has experienced a slight decrease. The memecoin is currently trading at $0.000008515. Token burns like this are typically done to reduce the circulating supply of a coin in order to drive up the price by creating scarcity. The Shib Army has burned 410.6 trillion SHIB tokens, reducing the supply to 589.3 trillion.
Speculations are circulating that the Shiba Inu ecosystem might be considering a shift toward artificial intelligence. This speculation arose due to comments made by stakeholders, including lead developer Shytoshi Kusama and market specialist Lucie. This shift could align with the ecosystem’s efforts to become a versatile utility blockchain network. The recent introduction of Shibarium and the forthcoming launch of SHIB identity on the blockchain are evidence of these efforts.
Hot Take: Shiba Inu’s Potential Venture into AI
The significant surge in SHIB token burning may not have had a noticeable effect on its price, but it’s indicative of ongoing developments within the Shiba Inu ecosystem. With speculations about a potential shift toward artificial intelligence, the memecoin’s foray into AI could be a valuable addition to its utility blockchain network. As its ecosystem continues to evolve, it’s clear that Shiba Inu is aiming to expand its applications and offerings.
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