Shiba Inu Token Burning Continues, This Week 9.3 Billion SHIB Burns

Shiba Inu Token. (Photo; Doc. CryptoNizando)

JAKARTA - Shiba Inu, a meme coin inspired by Shiba Inu breed dogs, noted some positive developments this week that are increasing market optimism. Shiba Inu is an Ethereum-based crypto project and has three main tokens, namely SHIB, LEASH, and BONE. The project also has several products and services, such as ShibaSwap, Shibarium, Shiboshi, and ShibaNet.

One of the interesting developments is the burning of the SHIB token, which is a process of reducing the number of SHIB tokens circulating by sending them to inaccessible addresses. The burn of the SHIB token aims to increase the value and demand for SHIB tokens by reducing their supply.

This week, more than 9.3 billion SHIB tokens have been burned, increasing the burning rate by 28.659%. The total number of SHIB tokens that have been burned since the start of the project has reached more than 410 billion, or about 41% of the initial supply.

In addition, Shiba Inu has also made several new partnerships with other crypto projects. For example, Shiba Inu partnered with K9 Finance, a dog-focused DeFi platform, to facilitate BONE staking indefinitely. Staking is a process in which token holders lock their tokens to get rewarded. This partnership is expected to increase the use and value of BONE tokens.

Furthermore, Shiba Inu also announced the expansion of the Marswap service, a token exchange platform, in Shibarium, a blockchain developed by Shiba Inu. This expansion will bring a variety of new features, such as farming, lending, and drilling, which will increase SHIB's tokonomics.

In addition, Shiba Inu also plans to build a link or bridge between Shibmap, a blockchain-based map platform, with ERC404, a new token standard on Ethereum. This bridge will allow users to create, buy and sell NFTs related to geographic locations on Shibmap. NFT is a unique and non-exchangeable digital token. The bridge is expected to enhance adoption and innovation in the Shiba Inu ecosystem.

These developments had a positive impact on the price of the SHIB coin, which is the second largest meme coin after Dogecoin. According to data from CoinMarketCap, the price of SHIB rose 8.6% in the last 24 hours, from 0.00000607 US dollars (Rp 0.09) to 0.00000659 US dollars (Rp 0.10) at 16.00 WIB. The price of SHIB is also close to an all-time high achieved in October 2021, which is 0.000088 US dollars (Rp 1.37). SHIB trading volume also increased 28.4% to 1.2 billion US dollars (Rp 18.8 trillion) in the last 24 hours.