Shiba Inu Burn Rate Surges by 276%
Shiba Inu (SHIB), a popular cryptocurrency, has experienced a significant increase in its burn rate. The burn rate has surged by an impressive 276%, marking an important milestone for the project. This surge represents the highest burn rate achieved this week, surpassing the previous increases of 62% and 12%. The SHIB community’s commitment to reducing the token supply demonstrates the project’s vitality and the proactive nature of its community.
Rapid Growth and Development
The SHIB community has been actively working to expand and solidify the ecosystem of Shiba Inu. They have been focused on developing beyond being a memecoin and have created multiple tokens within the SHIB ecosystem, each serving a unique purpose. This rapid growth reflects the dynamic and engaged nature of the community.
Crucial Bone Contract Update
Kaal Dhairya, a top SHIB developer, recently announced plans to renounce the BONE contract. This process will take time due to limited retries available on the mainnet, but rigorous testing is necessary for a seamless transition. Steps such as adding a Timelock contract with a delay for safety purposes and minting a dummy token called Calcium are being considered. The team is also working on minting BONE, adjusting rewards, and implementing other necessary measures.
Price Stagnancy and Future Outlook
Despite recent listings on exchanges like GroveX and Reku, the price of BONE has remained relatively stagnant. However, SHIB team official Lucie expressed optimism that both SHIB and BONE prices would rebound once Shibarium becomes well-established.
Hot Take: Shiba Inu Continues to Make Strides in Its Ecosystem Development
Shiba Inu’s burn rate surge and ongoing development efforts highlight the dedication and engagement of its community. With plans to renounce the BONE contract and implement safety measures, Shiba Inu is taking proactive steps to ensure a seamless transition. While the price of BONE has not seen significant movement, there is optimism that as Shibarium becomes established, both SHIB and BONE prices will rebound. The future looks promising for Shiba Inu as it solidifies its position beyond being a memecoin.
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