This is the latest about Shiba Inu in terms of burning, integrations and new additions in its second layer.
The latest in the advancement of Shiba Inu demonstrates that this meme currency has an inexhaustible capacity to develop. Following is the explanation of the burning speed increase, as well as some important updates in Shibarium.
Although the price of the token seems to stagnate along with the entire crypto market during the last few hours, its evolution remains in constant flux. In any case, the value of the coin is currently $0.00000776. This represents a positive return of 0.9% in 7 days, and 7.4% in one month, according to data from CoinGecko.
Just like the rest of the altcoins, a hypothetical Bitcoin rally is expected to help it establish itself in an uptrend. The latter would be reinforced by the dynamics of the network and its popularity among retail investors.
The Latest Shiba Inu Regarding Network
A recent update that draws attention to Shiba Inu is the introduction of the Shib Name Service (SNS) which aims to establish Shibdentity. The function will allow decentralized digital identity management with easy-to-use addresses.
“The moment has arrived, marking a milestone in our journey. With bated breath and anticipation, we proudly launch our ambitious venture, Shib Name Service, on Shibarium. It is our first step towards building Shibdentity, a decentralized identity platform that empowers users to own and control their digital identities.,” the developers have written.
Another important network advance has to do with the incorporation of Shiba in Atomic Wallet. This latest news was announced by the project’s marketing expert, Lucie, on her X account: “Exciting news! Just heard from some holders that @AtomicWallet has added Shibarium to their platform!” she wrote.
So far, confirmation from Atomic Wallet on Shiba support is awaited. However, it should not be lost sight of the fact that this non-custodial wallet had already announced plans to integrate the meme token. If positive, a total of 5 million atomic users would have access to the dog coin.
With this recent movement behind closed doors at Shiba Inu, it can be said that the project is preparing for new scenarios. It should not be lost sight of that Shibarium introduced Shiba into the fight within the world of decentralized finance (DeFi).
Increasing Token Burning Rate
Another new piece of news about Shiba has to do with the notable increase in the token burning rate. This is one of the essential elements to guarantee the constant appreciation of the currency in the medium and long term. Basically, burning consists of the permanent withdrawal of tokens from circulation, which generates scarcity over time.
In any case, the burning of Shiba Inu grew during the last hours by more than 1,400%. From Thursday morning until early Friday, a total of 115 million coins were burned. This is the second massive burning this week. Thus, last Monday, about 500 million tokens were sent to the burning wallet.
All these elements, added to the whale boom, suggest that a healthy bull market awaits Shiba Inu in a few months. According to experts, the next crypto market bull-run will occur between 2024-25. This would lead to the main currencies in market capitalization seeing a notable increase in their price.
By Audy Castaneda
