Shiba Inu Supply Reductions Continue
Shiba Inu (SHIB), the cryptocurrency inspired by the dog meme, is pressing on with its efforts to reduce supply. Recently, a whopping 410.74 trillion shibu tokens have been taken out of circulation for good.
As per the data from the Shivburn website, a total of 410,749,550,095,727 Shiv tokens have been burned so far. Presently, the remaining SHIB supply stands at 589,250,449,904,272.
Recent updates show that the hourly price for SHIB is about $0.00001, reflecting a slight increase of 0.33% in the last hour, while the overall market cap is around $7.16 billion, a rise of about 3.25%. In just the past 24 hours, 537,187,730 tokens were burned, an increase of over 377% compared to before. In the last week, 687,249,104 tokens were removed, marking a staggering growth in burn rate of 481.17%.
When it was launched, the total supply of Shiba Inu was an astonishing one quadrillion tokens. However, through various burn initiatives, more than 41% of that initial supply has been eliminated. Notably, in May 2021, Vitalik Buterin, co-founder of Ethereum, burned a significant 410 trillion Shiv tokens.
According to information from the Shibburn X account, active burning efforts are ongoing within the Shiba Inu ecosystem. The last 24 hours have seen a noteworthy uptick in the rate of burns, with firepower surging by over 3,000%.
Looking Ahead for Shiba Inu
This week, Shiba Inu announced a collaboration with Tokenplayai, an innovative AI-driven gaming platform developed by the Astra Nova team. This partnership aims to bring cutting-edge web3 gaming experiences to SHIB.
Furthermore, the Shib Alpha Layer, a rollup abstraction developed at ElderLabs and integrated with Shibarium, has entered beta testing. This development aims to unify various rollups into a highly efficient layer. The new Shib Rollups platform is now operational, enabling developers to create unique Layer 2 blockchains on Shibarium.
A Shiba Inu developer, Kaal Dhairya, hinted at exciting possibilities for the future with the release of the Shiv Alpha layer. Just the hint of what’s next for Shib has generated buzz among the community.
