September 28, 2022

Shiba Inu’s (SHIB) New Burning Protocol Surges Burn Rate by Over 1000%

Shiba Inu and its community have witnessed various events since the meme coin’s inception. Meanwhile, most developments targeted an upside push to move SHIB prices beyond the $1 level.

Nevertheless, the events didn’t succeed as market players would have anticipated. Nevertheless, the network continues to advance. Let’s dig deeper.

New Day, Fresh You?

Shiba Inu’s performance depends on the asset’s burn rate, which involves transferring tokens to non-spendable addresses. That translates to reducing supply as demand remains elevated. Trimming an asset’s supply might translate to future price hikes as the coin becomes scarce.

Shiba Inu’s developer Travis Johnson has launched a website that diminishes $SHIB on the SHIB Superstore portal. He tweeted that the website burns Shiba Inu but remained dedicated to burning games. Johnson added that Playzone earns via website visits, with creators earning game royalties.

Gfinity Esports data shows SHIB Superstore contributed to destroying more than 2 billion Shiba Inu tokens. Moreover, SHIB partnered with one of the world’s leading eCommerce sites, Amazon. Johnson posted about burning 14,804,845 $SHIB through Amazon’s affiliate program.

Night Changes

The mentioned network development saw SHIB’s burn rate surging by about 1m167%, according to Friday’s Shibburn data. While publishing this post, the burn rate recorded a new 26% upsurge. Meanwhile, Shibburn’s Twitter handle revealed that the Shiba Inu army sent 105,165,658 SHIBs to non-spendable addresses for a permanent lock.

On the other side, dominant buyers (whales) scooped more tokens here. Moreover, Whalestats shows SHIB rejoined the top ten list by the 500 leading Ethereum whales within the past 24 hours. That meant relief on the deteriorated ecosystem as ETH whales dumped Shiba Inu holdings over the past sessions.

Shiba Inu’s price displayed a bearish outlook despite the substantial support. While publishing this content, SHIB reflected a new 2% drop as it plunged to $0.00001. That matches bearish actions plaguing the marketplace during this publication. The market’s direction remains unclear, though bears appear to dominate.

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