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Cryptocurrency News Articles
Shiba Inu (SHIB) Burn Rate Milestone: 0 SHIB Tokens Burned, Signaling Distress Call for ShibTorch Portal
Sep 21, 2024 at 08:15 pm
To those watching crucial Shiba Inu (SHIB) performance trends, it will immediately become obvious that at least some tokens are always involved in key performance metrics.
Those keeping an eye on crucial Shiba Inu (SHIB) performance trends will quickly notice that some tokens are always involved in key performance metrics. The surprising part, which is now evident, is that the burn rate has shown a neutral shift in the trailing 24-hour period.
Shiba Inu burn rate milestone
According to data from Shibburn, 0 Shiba Inu were burnt, indicating an unusually bearish low for this metric. It remains a mystery as to how this occurred, especially given the extremely low price of SHIB, which could have inspired some torching, as is usually the case.
With the 0 reading, the total SHIB burned from the total supply remains at 410,728,808,987,659 tokens, leaving a total circulating supply of 583,491,742,524,222 SHIB.
The surprising development in the Shiba Inu ecosystem over the past day is the major distress call regarding the ShibTorch portal, which was launched a few weeks ago. The goal of the portal was to automatically remove some SHIB from circulation. This ShibTorch replaced the manual system where community members had to send the token designated for burning to a standard burn wallet.
Based on the current状況, there is reason to believe that ShibTorch is not functioning as intended. Another possibility is that there are fewer transactions on the network, which is resulting in the burning of a smaller number of tokens.
Returning to the groove
As a meme coin project, Shiba Inu is facing increasing pressure due to stiff competition in the ecosystem. While still the second largest meme coin in this category, the need for continuous innovation has kept its top developers, such as Shytoshi Kusama, on their toes.
To date, SHIB is attempting to reinvent the wheels with Shibarium, its Layer-2 scaling solution. This protocol, which spans from a hard fork to DAO governance, is set to play a significant role in the future decentralized finance (DeFi) ecosystem.
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