This Meme Coin Nearly Reaches New Milestone!

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  • The Shiba Inu Burn Portal has reached another important milestone in terms of the amount of SHIB burned.

The second largest meme cryptocurrency shiba inudevelopers of; In late April, it created a portal where investors can burn their SHIB holdings to reduce the amount of tokens in circulation. In this way, Shiba Inu holders could now earn passive income by burning their SHIB tokens with the help of the newly launched burning portal.

The portal, which enables the systematic burning of SHIB tokens, was developed together with the developers of the RYOSHIS VISION token. Additionally, burntSHIB holders will reportedly receive 0.49 percent of all RYOSHI transactions.

As previously reported by KoinFinans, after the SHIB burning portal went live, a large number of SHIB holders rushed to burn their tokens, resulting in the destruction of a staggering eight billion tokens in less than 24 hours. Since the first burn, which took place about two months ago, the community has burned more and more SHIB tokens every day.

shiba inu The Shiba Inu burning portal continues to consistently achieve new milestones, as Discord moderator Queenie says, which could enable “if all goes as planned” to remove approximately 111 trillion units of SHIB from the total supply of the dog-themed cryptocurrency each year, with more than 56 billion SHIBs in recent reports. Indicates that the token has been burned.

SHIB surges over 40 percent in 7 days as Shibarium launch approaches

After a tough year, the famous memecoin Shiba Inu (SHIB)brought some smiles to the face of investors who stood firmly behind the crypto project during a major price drop.

According to data from Coinecko, the Shiba Inu has seen a massive increase of 43 percent in the past seven days. Following this development, it has established the cryptocurrency as the second-largest earner among the top 30 cryptocurrencies by market capitalization last week.

On June 20, 2022, the Shiba Inu was trading at roughly $0.00000808. While other digital currencies fell in value, the Shiba Inu performed well, eliminating one of its 0s.

What increased the value of SHIB?

The Shiba Inu’s big rally in the last seven days has been attributed to a number of reasons; however, two factors stood out as the main catalysts that triggered the token’s price increase.

Last week, the Shiba Inu announced the launch date for Shibarium’s beta test, and the team shared an update on xFund.

According to the announcement, Shibarium beta testing will begin in the third quarter of 2022. Shibarium is considered an integral part of the Shiba Inu ecosystem and is expected to help expand the availability of a meme coin.

According to the Shiba Inu team shibariumIt will have features similar to Polygon, the Ethereum Layer-2 scaling platform.

The team also created the soon-to-be-released play-to-win game. shiboshi, metaverse etc. It plans to put all Shiba Inu projects, including one, on the blockchain when it finally goes live.

shib token

Increase in Shiba Inu trading volume

Meanwhile, the Shiba Inu community has remained loyal to the cryptocurrency despite the massive collapse in value.

Members of the community have not only held the digital currency in the midst of the massive price drop, but significant whale accumulations have also been observed in recent months.

As the accumulation continues, SHIB has also earned a place among the top 10 in terms of trading volume among the 100 largest ETH whales in the last 24 hours. The Shiba Inu continues to face buying pressure from whales as it has been among the top 10 most bought tokens among the 2000 largest ETH whales in the last 24 hours.

Currently, the top 5,000 ETH whales hold SHIB worth $663,117,830. Shiba Inu also remains the largest token position held by whales. The meme coin, which lost some of its gains last week, is trading at $0.00001102 at the time of writing, up over 34 percent from last week and down nearly 4 percent in the last 24 hours.

Shiba Inu (SHIB), which gained 45 percent as one of the cryptocurrency market winners on June 21, also saw a growth in the number of Shiba Inu holders in June, reaching 1,189,796, according to WhaleStats.

You can check the price movements 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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