- Shiba Inu token burning rates have decreased by over 50% in the last 24 hours.
- The Shiba Inu team aims to increase token burns with SHEboshi.
- The number of exchanges listing the SHIB token has reached 130.
Over the last 24 hours, the popular memecoin Shiba Inu’s SHIB token has experienced a slight increase of only 1%, attributed to a mild downturn in the cryptocurrency market. According to Shibburn data, the burning rate of SHIB tokens has dropped by more than 50% in the last 24 hours, at the time of writing.
SHIB token burns have significantly decreased, totaling 2,344,178 SHIB ($23) in the last 24 hours. In response to low burning rates, the Shiba Inu team plans to address this issue with a newly announced initiative to burn SHIB tokens using a portion of SHEBoshi revenues. SHEBoshi is the latest version of the Shiba Inu team’s NFT venture, introduced to celebrate Valentine’s Day and provide companionship to existing Shiboshi NFTs.
Unlike Shiboshi NFTs, SHEBoshi NFTs will be released as ERC-404 tokens. The team will allocate 50% of the generated revenue to the Shiba Inu Treasury, with the remaining 50% divided between the foundation, the team, and burns.
The Shiba Inu team plans to allocate 6% of the 50% portion to SHIB token burns. A 1% burning rate has been assigned to each of the BONE, LEASH, TREAT, and SHI tokens. While these developments have been positively received by the community, the price of SHIB has increased by more than 5% in the last 7 days, according to CoinMarketCap.
During these developments, Lucie, the marketing lead of the Shibarium ecosystem, shared in a post that Shiba Inu’s SHIB token is listed on more than 130 exchanges without any payments made. This announcement was enthusiastically welcomed by the community.
In the Shibarium network developed by the Shiba Inu team, 1 million transactions were recorded on February 15th. As of the time of writing, the SHIB token is trading at the level of 0.0000099, with a 24-hour trading volume exceeding $210 million.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
