The Shiba Inu community has experienced a mix of excitement and caution recently. A popular Utah-based financial TV program, “Eye on Your Money,” highlighted Shiba Inu’s recent developments alongside Bitcoin’s surge to a new all-time high, above the $73,000 level.
The show noted a partnership between Shiba Inu and K9 Finance, leading to the launch of the KNINE token and the integration of Shiba Inu’s layer-2 blockchain solution, Shibarium. Further into the show, it was revealed that nearly ten thousand people joined the KNINE community and its token experienced a 40x price surge.
The launch of @K9finance made the news in Utah 🤯
The #SHIBARMY & #K9Unit are making waves
Shoutout to @moonblocks_ for sharing this with me pic.twitter.com/S439ND7oCg
— Buzz.Shib | Shibarium (@buzzdefi0x) March 14, 2024
Read Also: Shiba Inu (SHIB) Spotlighted Alongside Bitcoin On Mainstream Financial Show
Before SHIB and KNINE made it to television, TimesTabliod reported that Shiba Inu’s leadership, including Shytoshi Kusama, emphasized the importance of “doing your own research” with these types of partnerships, warning investors to be wary of potential scams exploiting the KNINE project.
SHIB Burn Rate Surges Despite Price Correction
Shiba Inu has enjoyed significant price gains, at one point reaching a high of $0.00003. However, market volatility remains prevalent. According to CoinMarketCap, SHIB has experienced a decline of nearly 10% over the last 24 hours, currently trading around $0.00002892
Despite the recent price drop, the Shiba Inu community remains active in utilizing burn mechanisms. Data from the Shibburn wallet tracker demonstrates that over 53 million SHIB tokens have been sent to unspendable addresses within the past 24 hours.
This represents a substantial 929.10% increase in the Shiba Inu burn rate compared to the previous day. We earlier reported the Shiba Inu team performing a substantial token burn on March 9th with a total of 13,610,153,841 SHIB sent to an unusable “burn address,” effectively removing them permanently from circulation.
Additionally, the team also burned portions of BONE and LEASH, core tokens within the Shiba Inu ecosystem. The ability to conduct these burns is facilitated by the layer-2 solution Shibarium. Gas fees collected by the team on the Shibarium network provide the resources necessary to execute these strategic burns.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: We Asked ChatGPT if Shiba Inu (SHIB) Will Hit All-Time High in 2024, Here’s What It Said
Important Considerations for SHIB Investors
The mention of Shiba Inu on a mainstream financial show underscores the growing attention garnered by meme cryptocurrencies. This highlights the potential for outsized gains as well as the importance of understanding the associated risks when considering investments in this space. Thorough research and careful assessment of project fundamentals and leadership remain paramount for potential investors.
Follow us on Twitter, Facebook, Telegram, and Google News
