Shiba Inu is a popular meme coin launched in August of 2020. The Shiba Inu community is a big part of the digital ecosystem, which drives the price of its $SHIB network token largely through the implementation of token burns. $SHIB is an ERC20 token, built atop the Ethereum blockchain network.
Shiba Inu was founded by an individual or group known only by a pseudonym Ryoshi. Shiba Inu rose to prominence, and was nicknamed ‘Dogecoin Killer’ after Elon Musk tweeted an ancient Chinese poem about a spat between two brothers. The reference was believed by most to be towards the ongoing Shiba Inu – DogeCoin feud. $SHIB reached an all-time high on June 29, 2021, and seeks to increase its use case as a digital currency, along with other ecosystem utilization plans.
Recent 2022 Shiba Inu News
The most up to date Shiba Inu news shows a strong surge in market capitalization, as more than 174 million $SHIB tokens were burned on July 26. The burn was largely stimulated by the release and same-day deployment of the new Shiba Inu Visa Burn card.
The new visa card designates an amount of $SHIB tokens to be burned based on each card transaction. The new card is undoubtedly one of the main causes for the massive burn which sent the value of Shiba Inu further up in price last Tuesday. A price gain which occurred after $SHIB was already experiencing price gains earlier in July.
More $SHIB To Be Burned
The scarcity factor, which can grow the value of any cryptocurrency, is supported by frequent Shiba Inu token burns. Shiba Inu burns are implemented throughout the entire token ecosystem, which was enhanced with the new Visa Burn Card. The future burning of Shiba Inu is one of the core team’s fundamental focuses.
The burn rate is expected to be fueled even more now, thanks to the new Visa card. The card adds to existing Shiba Inu burn mechanisms such as Shiba Inu Games, which feature Play-To-Burn NFT games, and Community Burns, by which members of the ShibArmy community of holders can burn tokens on the platform. There are other measures in place additional to these, which add to the burn rate of Shiba Inu tokens.
Increasing Shiba Inu Holders
According to blockchain analytics, an increased number of Ethereum holders in particular, are becoming Shiba Inu holders these days. There could be many reasons for this, as the Shiba Inu coin is built and deployed atop the Ethereum blockchain network. Whatever the reason may be, blockchain metrics show that more ETH holders are buying more $SHIB, sending the total number of Shiba Inu holders to almost 1.2 million combined.
The announcement of the new SHIB Visa burn card, launched by the Shiba Inu foundation, has catalyzed a 200 percent burn rate rally resulting in the burn of over 144 million SHIB tokens since release.
Shiba Inu (SHIB) has announced...