Shiba Inu meme coin is experiencing significant development. Shibarium, an eagerly anticipated project associated with the popular $SHIB token, is attracting attention.
Shiba Inu to Burn Trillions of $SHIB Tokens
Shiba Archives updates announced the introduction along with its unique burning mechanism. This distinctive burning mechanism has sparked great enthusiasm among the $SHIB team. Many believe that Shibarium‘s launch will take place in the early days of next month, further increasing expectations within the crypto community.
Shibarium and The Launch of SHIB Burn
The $SHIB development team predicts that the burning mechanism will burn an incredible 5 trillion tokens every month. According, to 1 billion $SHIB tokens were burned in June. This represents a decrease of approximately 89.25% in the token burning amount from May to June and accounts for over $15 million worth of tokens burned during that period. These figures indicate an increasing burn rate for $SHIB and demonstrate the effectiveness of the burning mechanism.
Lucie, Content Marketing Specialist from the team, took to Twitter to discuss the burns:
Shibarium’s user-friendly portal facilitates this process, making it accessible to all. By clicking “Initiate burn” and confirming transactions, users contribute to permanently removing SHIB tokens from circulation.
Lucie
Price Movement
As of the date of writing, trading at $0.00000766, experiencing a modest increase of approximately 1.24%. With a market capitalization of $4,524,839,440, it continues to hold its position as the second-largest meme coin. The trading volume has also witnessed a notable rise, increasing by 15.64%.
According to the price analysis of Shiba Inu on CoinGape, the current trend for SHIB price shows a steady decline. However, there are indications of a broader market recovery, which could potentially trigger a trend reversal in the near future.
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