The Shiba Inu community is taking steps to reduce the circulating supply of SHIB, and last month they burned a massive amount of coins. This is good news for the token since it may result in a spike in value.
Shibburn Explorer recently tweeted that the Shiba Inu community moved 1,653,845,435 SHIB meme money to dead-end wallets last month.
While the total amount of SHIB burned over the past month is substantial, the daily burns are still volatile, often dropping below zero.
The Shiba Inu community burned a massive amount of SHIB on June 30th, sending 50,258,924 coins to dead-end wallets.
The burn rate increased by 1,800% as a result. However, daily burn rates have been relatively low this week.
Shytoshi Kusama’s mysterious tweets in June may have sparked a frenzy of SHIB burning among the community. He mentioned “Something physical coming” and “SHIB going somewhere,” which some interpreted as hints that Shiba Inu could be making its way into the physical world.
SHIB is taking its first steps into the real world with a new partnership with Shibcals. This group creates physical products with the SHIB logo, such as apparel, merch, and commodities.
Shytoshi Kusama’s cryptic tweets and Telegram messages have led to speculation that SHIB is expanding its reach outside of the United States.
The SHIB team is rumored to be attending the ETHToronto conference in Canada. Some believe that the team will use this opportunity to launch Shibarium, while others believe that it is simply a way to connect with the community.
Shytoshi Kusama has confirmed that the launch of Shibarium is on track and that the date and plan cannot be changed. He asserts that the reason for this is the “launch strategy” that has been used.
The Shibarium testnet is proving to be a valuable tool for developers and users alike. It’s encouraging for the project’s future that more connected wallets and transactions are being made.