Highlight
1.Shiba Inu Token Burn Rate Skyrockets by Over 23,000% in 24 Hours
2.Despite Surge in Token Burn, Shiba Inu (SHIB) Price Drops Over 7% in Parallel 24-Hour Period.
3.Shiba Inu Lead by Shytoshi Kusama Developer Spearheads BONE Listing Campaign on Binance.
Shiba Inu Price Struggles Despite Developers’ Massive Burning Activity
In just one day, developers intentionally got rid of over 13 billion Shiba Inu tokens, causing a whopping 23,133% spike in the burn rate. That’s roughly around $463,000 worth of tokens gone at today’s market prices.
Shiba Inu Burn Rate Soars Over 23,000% in 24 Hours
Here’s a breakdown of what happened with the Shiba Inu burning process:
First off, developers burned a whopping 9.6 billion SHIB tokens, which were worth just over $332,000. That’s a big move right there.
Then, they went ahead with another round, torching an additional 3.8 million SHIB tokens, which came out to roughly $131,384. They weren’t holding back.
But it didn’t stop there. Developers also got rid of 28 LEASH tokens, valued at $21,600, and 19,551 BONE tokens, worth around $22,874.
Overall, it was quite the fiery show, with a significant amount of tokens going up in smoke.
” In the world of Shiba Inu, there’s been a lot of talk about token burns lately. But according to Shiba Inu influencer Lucie, it’s important to recognize the difference between those who are just talking about burns for attention and those who are actually making progress.
Lucie emphasized that while the burns were carried out by the Shiba developers, they were made possible thanks to the efforts of the Shibarium builders and users. In other words, it’s a team effort.
So, while some people might be all about getting attention by discussing burns, Lucie wants to highlight the importance of focusing on the real progress being made within the Shiba Inu community.”
Lucie took a moment to give credit where it’s due, applauding the Shibarium developers and users for their significant contributions in boosting the network’s adoption. Their dedication and efforts have truly made a difference.
However, despite the excitement and positive developments within the Shiba Inu community, there’s also been a downturn in SHIB’s price. Since reaching its yearly high on March 5th, SHIB’s price has dropped by more than 23%. It’s a reminder that even with progress and enthusiasm, the crypto market can be unpredictable.
It’s worth noting that technical analyst Ali Martinez has an interesting take on the recent price action of Shiba Inu. Martinez believes that the current movement in price might actually be part of a consolidation phase. This consolidation could potentially pave the way for further gains in the future. It’s a perspective that suggests there might be light at the end of the tunnel for SHIB despite its recent price decline.
According to technical analyst Ali Martinez, Shiba Inu is showing signs of forming a symmetrical triangle pattern on the 4-hour chart. Martinez suggests that if SHIB manages to sustain a close above the resistance level at $0.000038, it could potentially trigger a bullish breakout of up to 40%. This breakout could propel SHIB's price towards the $0.000052 mark. It's an analysis that provides a specific target for potential future price movement, offering valuable insights for investors and traders alike.
ShibArmy Advocates for BONE Listing on Binance
Shytoshi Kusama, the main developer of Shiba Inu, is actively pushing for Binance to list ShibaSwap's BONE token. Recently, on March 7th, Binance, the world's largest cryptocurrency exchange, introduced the Futures NEXT Program. This program allows users to anticipate which tokens might be listed next. While Binance clarified that nominations won't directly influence listing decisions, users still have the chance to predict and vote for the tokens they think should be listed. In response to this announcement, the ShibArmy, a community of Shiba Inu supporters, has come together to support the BONE token. Kusama is encouraging everyone in the community to participate and demonstrate their influence by voting for the digital asset.
BONE, a digital asset that’s become essential to the Shiba Inu ecosystem, has grown far beyond its meme beginnings. It plays a vital role in Shibarium, the network’s Layer 2 solution, by handling transaction fees and allowing validators to stake and engage with the network.
According to Binance, BONE is currently in third place on the nomination list with approximately 37,101 votes. However, it’s lagging behind Delysium and Baby DogeCoin, which have received 91,728 and 40,028 votes respectively.
