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- 1 Shiba Inu, a major competitor of Dogecoin showcasing an outstanding performance, hit a 28,000% burn rate.
- 2 Announcement for the ‘.shib’ domain and transfer of 6 Million SHIB coins to the dead wallet are behind the movement.
Shiba Inu SHIB/USD, the Dogecoin Killer has had a drastic movement in the past 24 hours, with total transactions of coin inching over 150 Million in a week. Shiba Inu’s environment is surrounded by multiple developments and its burning mechanism denotes one example.
Why is SHIB Skyrocketing?
Beating many of the meme coins, SHIB is all set to rule the meme world, rising by over 28,000% in the last 24 hours.
As per the data of Shiba Inu tracker Shibburn, around 6 Million SHIB tokens were shifted to the dead wallet. In addition, the coin witnessed around a 4,000% hike in its burning in the past seven days and 2,8000% in the past 24 days.
The scenario resulted in over 6 Million SHIB being sent to a dead wallet that nobody can access. Also, Lucie, a SHIB team member reported the significant burn while revealing that more would follow.
Reduction in the tremendous circulating supply of SHIB and making the asset more scarce and valuable in the future is the key motive. Another main factor that seeks the attention of crypto enthusiasts and an upsurge in burn rate is Shiba Inu’s announcement of a partnership with D3 Global, a domain company.
The plan is to introduce a ‘.shib’ domain that lets the SHIB holders access the email and web3 environment placidly. Integration of the traditional internet with the Web3 ecosystem, embedded with enhanced security, transparency, and utility is the reason behind the partnership with D3.
Doing so, made Shiba Inu the first decentralized ecosystem to partner with D3. However, a few of the blockchain domains including ‘.crypto’ and ‘.eth’ feature native segments in their domain but do not work on the internet’s domain system.
What Next?
The whole scenario made movements in the Shiba Inu ecosystem, enhancing the competitiveness of the meme coin. Shiba Inu’s layer-2 solution, Shibarium, showcased significant progress. The coin surpassed 2 million blocks and around 150 million transactions.
The network was officially launched in August 2023 and hit countless milestones since then. Also, Shibarium’s key motive is to take Shiba Inu to its competitors in the meme coin niche through improved speed and reduced transaction fees.
The lead developer of SHIB, Shytoshi Kusama showed confidence in the global adoption of the coin after burning.
“Global adoption will help in impactful burning. The team has seen adoption through 2023, but what to do to ensure SHIB adoption worldwide perpetually”, said Kusama.
SHIB is ready to create a strong position in the crypto market, mainly in terms of faster transactions and lower fees. However, no major influence is recorded on the price. According to CoinMarketCap data, SHIB’s price is $0.00001029, representing a hike of 0.78% in the past day.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
