Shiba Inu: Almost half of the tokens were burnt.
Reduced circulation of Shiba Inus
For instance, 104 transactions totaling more than 1 billion tokens were burnt in the previous week.
Since its launch in August 2020, SHIB’s price has increased significantly on the cryptocurrency exchanges. However, following the amazing boom of 2021, it entered a bear market, much like the majority of other cryptocurrencies.
The price of SHIB tokens has fallen by 86 percent from its high on October 28, 2021, yet it has recently increased somewhat.
SHIB continues to be one of the most actively traded tokens in the cryptocurrency markets, despite recently slipping in this position in front of coins like Avalanche, Tron, Litecoin, and Chainlink. Nevertheless, it continues to rank higher than cryptocurrencies like Dogecoin and Polkadot.
It is now ranked 15th by market capitalization, ahead of AVAX and TRON but behind DAI and MATIC.
The Shiberse metaverse is the development team’s new flagship project, on which it is now concentrating. Many others, however, think that the initiative could not have a promising future.
Token burning will undoubtedly continue, but the chief developer, Shytoshi Kusam, asserts that huge burns will call for genuine community engagement.
Some claim that Elon Musk could be the one who created Shytoshi Kusam.
The future of SHIB and its partnership with Elon Musk
It is important to note that Musk has always favored backing Shiba Inu’s competitor, Dogecoin, which, incidentally, already has its own blockchain (Shiba Inu is a token on Ethereum).
SHIB may be impacted by the Merge’s switch to PoS since it is on Ethereum.
Particularly, transactions need to become less expensive, which can be advantageous for the Shiba Inu project. Shiba Inu is not a project geared at whales that exclusively conduct transactions worth a million dollars, but rather excessive transaction fees have detrimental consequences, particularly on transactions of modest amounts.
All of these could enable Shiba Inu consumers to reduce transaction expenses. The Shiba Inu team is now working on the Shibarium project, which is a second-layer blockchain, in an effort to further reduce costs.
For the Shiba Inu project, that’s a lot, but so far it hasn’t been sufficient to stop the value from falling during the present bad market.