New Listings From Meme Coin With Burn Rate Increased By 230%!

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The burn rate of the popular meme coin Shiba Inu has increased by nearly 250 percent today, days after the SHIB team released updates on the ‘burn portal’. Ryoshi Vision, who previously powered the SHIB ‘burn portal’, apologized for slow burn rates and reward distribution.

In their most recent blog they posted, Ryoshi Vision took full responsibility for the delays and tweeted that they are “actively working towards a speedy response and resolution”. While Ryoshi Vision is not officially part of the Shiba Inu ecosystem, it has collaborated with the team for the SHIB burn in recent months to reduce the circulating supply of SHIB coin.

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However, one day after the blog was published, ShibBurn saw its burn rate increase by 235 percent. The portal is constantly removing millions of SHIBs from circulation every day. SHIB coin it’s burning.

840 million SHIB coins burned in 1 week

ShibArmy, the strongest community in crypto, has burned more than 110.28 million SHIB in the last 24 Hours in one week and 840.76 million SHIB in the last 7 days.

A tracking platform where the amount of SHIB tokens burned by the Shiba Inu community can be tracked, which is actively burning SHIB. shibburn According to data shared by the website, the Shiba Inu community has permanently removed 840,765,314 (840.76M) SHIB coins from circulation in 107 separate transactions in the past seven days.

Listing spree from Shiba Inu

Alongside the burns, Shiba Inu experienced multiple exchange listings today, followed by the teaser of the new SB Visa card focused on increasing SHIB burns. The second largest memecoin continues to gain massive momentum this year as part of the joint efforts of developers and the SHIB community.

However, 2022 has been a remarkable year for the SHIB in terms of developments, not price. The community has witnessed several launches this year, including the SHIB metaverse, the burning portal, various collaborations and listings, leading to the global adoption of the Shiba Inu.

Added support for CoinCEX SHIB

In a statement today, CoinCEX, a global cryptocurrency exchange, will list SHIB on its platform. announced. SHIB coin trading will start on the platform on August 1, and next month will be a positive start for memecoin.

SHIB also managed to get listed on a decentralized swap platform called Reflex Finance. Supporting various services, including yield farming and stale, the platform has previously added Cardano, BUSD, Cake, DOGE and many other tokens to its platform, as well as SHIB.

What’s next for Shiba Inu burns?

Billions of SHIb coins have been sent to dead wallets this year even though Shibarium is not yet functional. Reports claim that the much anticipated tier-2 solution will have a built-in “burn-in” mechanism to remove tokens from circulation.

Even earlier, Queenie, Shiba Inu’s Discord moderator, put forward a hypothetical calculation that Shibarium could “burn” trillions of tokens each year.

Reports claim that Shibarium may charge a small transaction fee, which will then be used to ‘burn’ the SHIB coin. As a result, Shibarium could soon become a 24-hour ‘burning mill’ that will remove SHIB tokens from circulation.

At the time of writing, the Shiba Inu is down 5% in 24-hour trading to trade at $0.00001110 at the time of writing. The dog-themed token is down 87 percent from its all-time high of $0.00008616, which it reached in October last year.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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