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The meme token Shiba Inu (SHIB) – rode on the popularity of another meme-based cryptocurrency that is the Dogecoin (DOGE) and even challenged it for meme coin dominance. The former is making quite the headline as of late after it was learned that for some time, it became the top Ethereum (ETH) burner.
Shiba Inu bagging third
If the multi-crypto data platform Tokenview’s tweet is anything to go by, Shiba Inu is said to have ranked third in terms of burning Ethereum by the time it was posted. Uniswap V2: Router 2 came in first while Tether USD was in second.
This is no longer the case since as of publication, Shiba Inu sits at sixth place with 394.5 ETH burned in nearly 24 hours, while both Uniswap V2: Router 2 and Tether USD maintained their positions.
ALSO READ – IS AMC THEATRES CEO ACCEPT SHIBA INU AS A MODE OF PAYMENT
Ethereum’s EIP-1559
For the uninitiated, burning of Ether effectively takes them off from circulation which is a feature that was added by the Ethereum Improvement Proposal (EIP)-1559 (included in the London update) that took effect back in August of this year. The said proposal’s aim is to change the manner in how transaction fees (gas fees) are estimated. Back then, it was a must for users to bid for how much they’re willing to splurge just to have their ether transaction be picked up by a miner, as this comes with a steep price. Further, the amount of ETH burned is directly connected to network usage.
Going back to Shiba, the meme token has seen a surge in price this month as it rose by up to 800%. Additionally, according to DeFi Llama, the total value locked I in Shiba Inu staking DEX ShibaSwap has been doubled and it’s currently at $527 million this month alone.
That said, there are speculations that Shiba Inu’s price rally could be due to the eight cryptocurrency whales controlling it. One of them is said to be holding 41.03 percent of the Shiba Inu that’s in circulation.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
