Shiba Inu has been attracting investors’ attention since its creation. Considered as Dogecoin‘s biggest competitor, this memecoin briefly surpassed its rival in 2021, capturing the attention of the entire cryptocurrency market.
What Will Happen to Shiba Coin?
On September 20th, SHIBBURN, the official burn tracker of Shiba Inu, shared with its followers that over $176 million worth of SHIB tokens were transferred to a dead wallet called the burn wallet. But that’s not all. In the last 24 hours, 135,933,606 SHIB tokens were burned, bringing the total burned token count in the past 7 days to a significant number of 521,814,163.
According to the latest update shared by Shibburn, the current price of the meme coin is trading at $0.0000073, experiencing a 0.15% drop in the last hour. The overall price change in the last 24 hours indicates a 1.34% decrease, with a market capitalization of $4,297,527,749.
The Future of Shiba Coin
Lucie, a member of the Shiba Inu team, addressed the anticipated SHIB token burn in Shibarium. Lucie shared with investors that “burns are determined per transaction” in a tweet, indicating that the timing of token burns depends on community participation. Furthermore, due to the equal collaboration between developers and the community in SHIB burn transactions, Lucie encouraged investors to “support this movement.” Lucie added:
It’s great to see people who have never used Shibarium exaggerating burn operations, but the truth is that $SHIB burn operations are a community effort. It is not a call to developers to do something.
According to the information shared by Lucie, the primary focus of the Shibarium team is to make Bone ShibaSwap token, also known as BONE, stronger. Lucie also claimed that the distribution of BONE protects investor interests.
Yesterday, NOWNodes, a renowned node provider supporting over 80 blockchain networks, shared with the crypto world that Shibarium had processed over 7 million RPC requests for the network in just one week. NOWNodes also mentioned that such a high volume of RPC requests processed for Shibarium represents a new record for the platform since its initial transaction times on NOWNodes.
