In a noteworthy development within the Shiba Inu cryptocurrency community, the SHIB Army has executed an extraordinary burn campaign, significantly reducing the circulating supply of SHIB meme coins. Over the past couple of days, the Shibburn platform, the foremost guardian of Shiba Inu's ecosystem, reported an unprecedented burn of 244,753,783 SHIB meme coins, with a staggering 191,531,588 of these tokens sent to dead-end wallets in a single transaction.
Meanwhile, in another significant achievement that has reverberated throughout the blockchain ecosystem, Shibarium, the Layer-2 protocol developed by the Shiba Inu team, has accomplished not one, but three significant records in a single day. Just three weeks post-launch, Shibarium boasts over three million processed transactions, an average of 41,500 daily transactions over the past week, and the deployment of more than 10,000 smart contracts. Additionally, the network reached a milestone of 1.25 million addresses, marking an exciting phase in Shibarium's journey as a promising Layer-2 protocol and a catalyst for innovation in the cryptocurrency world.
SHIB Army's Massive Burn Campaign Boosts SHIB Coin Supply Reduction
Over the past few days, the Shiba Inu cryptocurrency community, known as the SHIB Army, has made significant strides in their mission to reduce the circulating supply of Shiba Inu meme coins. During the past 48 hours, the Shibburn platform, a leading watchdog for the Shiba Inu ecosystem, has reported that the SHIB Army has achieved a groundbreaking burn of 244,753,783 SHIB coins. This burn has not only captured the attention of the cryptocurrency world but has also pushed the SHIB burn rate up by an impressive 35.88%.
The standout feature of this recent burn is a colossal transaction in which 191,531,588 meme coins were sent to dead-end wallets. Shibburn's transaction list meticulously documents this significant move, underlining the SHIB Army's commitment to making the cryptocurrency scarcer and potentially more valuable for its holders.
The Shiba Inu cryptocurrency, inspired by the meme-based Dogecoin, has seen a remarkable evolution from its humble beginnings. Initially launched as a playful experiment, the Shiba Inu community has transformed it into a vibrant and dynamic ecosystem with a strong focus on development and utility.
The ongoing burn campaign is a testament to the dedication of the SHIB Army and the broader Shiba Inu community. By reducing the circulating supply of SHIB tokens, they aim to create conditions that could potentially drive up the value of the remaining tokens. This strategy aligns with the growing popularity of ShibaSwap, a decentralized exchange built on the Shiba Inu blockchain. Burning tokens has become a central theme in the ecosystem, as it benefits both token holders and the overall health of the project.
In a separate but related development, Whale Alert, a renowned cryptocurrency tracker, previously reported a massive withdrawal of 4,595,530,677,374 SHIB tokens from the Amsterdam-based cryptocurrency exchange, Bitvavo, with a total value of $33,377,339. However, a deeper investigation revealed that this significant transfer was actually an internal transaction involving Bitvavo's wallets. The exchange was in the process of restructuring its SHIB holdings.
Notably, earlier this year, Whale Alert had observed several similar transactions originating from Bitvavo. These transactions involved the transfer of trillions of SHIB tokens to previously empty wallets, resulting in the emergence of brand new Shiba Inu whales—individuals or entities holding substantial quantities of SHIB tokens.
The ongoing dedication of the Shiba Inu community to burn tokens and reduce the circulating supply underscores their commitment to the long-term success of the project. As these efforts continue to gain momentum, the cryptocurrency world is closely monitoring the impact they will have on the value and utility of Shiba Inu in the future. The SHIB Army's determination is a testament to the potential of meme coins to evolve into more than just internet jokes and transform into meaningful and sustainable cryptocurrency assets.
Shibarium Achieves Historic Milestones
In a groundbreaking achievement that has sent shockwaves through the blockchain ecosystem, Shibarium, the Layer-2 protocol developed by the Shiba Inu team, has shattered not one, but three significant records in a single day, marking a historic moment in the world of cryptocurrency.
Just three weeks after its full-scale launch, Shibarium proudly boasts a staggering milestone - the processing of over three million transactions on its network. This accomplishment comes at a time when there has been a recent dip in transaction activity on the SHIB blockchain, reaffirming Shibarium's resilience and its role as a transformative force in the cryptocurrency landscape. Over the past week alone, the protocol has consistently recorded an average of 41,500 new transactions per day, demonstrating its enduring popularity and utility.
Another remarkable feat for Shibarium is the deployment of more than 10,000 smart contracts on its platform. Of these, 438 are already verified, with this number steadily increasing day by day. This achievement underscores Shibarium's potential as a hub for innovation and creativity, extending an open invitation to cryptocurrency enthusiasts and developers to explore its capabilities and contribute to its burgeoning ecosystem.
Finally, the third but equally significant accomplishment is reaching a milestone of 1.25 million addresses on the Shibarium network. This achievement comes as a mini-anniversary, as the first million Shibarium addresses were reached just a week after the protocol's launch. While the growth rate of this metric may have slowed somewhat, it is clear from the rapid growth in other areas that Shibarium's existing volume and adoption are more than robust.
These three remarkable achievements underscore Shibarium's prowess as a promising Layer-2 protocol, capable of handling massive transaction volumes and supporting a thriving ecosystem of smart contracts. The cryptocurrency community is taking note of Shibarium's remarkable journey and its potential to reshape the blockchain landscape.
The Shiba Inu team remains committed to further enhancing Shibarium's capabilities and expanding its reach, cementing its position as a game-changer in the world of cryptocurrency. As Shibarium continues to set records and demonstrate its resilience and versatility, it is undoubtedly a project to watch closely.
At press time, data from the cryptocurrency price tracking website CoinStats indicated that the popular meme coin recorded a 0.26% gain over the past 24 hours of trading. This added to SHIB’s already-positive weekly performance - taking the total to +1.02%. As a result, the cryptocurrency was changing hands at $0.00000737.
Price chart for SHIB/USDT (Source: CoinStats)
In addition to strengthening against the Dollar, SHIB also recorded a gain against the leading cryptocurrency Bitcoin (BTC) during the past day of trading. At press time, CoinStats data indicated that SHIB was up 0.26% against the largest cryptocurrency by market cap.
Notably, the meme coin was not trading at its 24-hour high of $0.00000766 after it had retraced slightly after reaching this peak. This price correction resulted in SHIB trading closer to its daily low of $0.00000734.
Daily chart for SHIB/USDT (Source: TradingView)
SHIB’s price had printed a series of higher lows and higher highs - leading to the formation of a positive price channel over the past 2 weeks. This was after the altcoin’s price had rebounded off of the $0.00000700 support level on 11 September 2023. As a result of this positive momentum, the cryptocurrency’s price was attempting to overcome the $0.00000755 resistance level at press time.
If it is able to close a daily candle above this threshold within the next 48 hours, then it may have the foundation needed to continue its ascent towards the subsequent resistance level at $0.00000847. On the other hand, SHIB’s price getting rejected from the $0.00000755 mark may open up the risk of it falling out of the recently-formed price channel.
If the altcoin breaks out below the ascending price channel, then it may seek support from the key $0.00000700 price point. Thereafter, continued sell pressure could drag SHIB’s price below this benchmark to the next crucial support level, which is situated at $0.00000633.
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.