In recent weeks, the burn rate of Shiba Inu tokens has been less than satisfactory, particularly in the past seven days. Despite the increasing optimism among investors regarding the ecosystem’s potential, speculations about a potential bullish surge are circulating.
The price of the SHIB coin has been steadily rising, experiencing a gain of over 7% in the previous seven days. According to data from CoinGecko, SHIB’s current value stands at $0.00000716, with a daily trading volume exceeding $118.9 million.
SHIB Burn Rate Plummets by 87%
The quantity of SHIB tokens sent to the inactive wallet has dramatically declined in the past week. Interestingly, this decrease in burn numbers coincides with the introduction of an in-real-life (IRL) component by the renowned meme-inspired ecosystem. This positive development served as the culmination of an overall successful week.
However, the significant drop in the number of Shiba Inu tokens being burned raises some concerns. According to data from the Shibburn wallet tracker on Twitter, only 38,673,239 SHIB tokens were transferred to the inactive wallet in the past seven days, signifying an 87% overall reduction in the token’s burn rate.
It is important to note that SHIB’s burn rate is currently experiencing a partial recovery, as over a million tokens have been burned in the past day alone. This represents a staggering 281% increase in the burn rate over the last 24 hours.
Shibacals Launches in Anticipation of Shibarium
Prominent Shiba Inu developer Shytoshi Kusama has previously acknowledged the challenge of solely relying on burns to influence the SHIB price. However, he emphasized that introducing new technologies, expanding the ecosystem, and offering additional utilities can help increase SHIB’s value.
Given the declining burn numbers and the impending launch of Shibarium, it becomes evident that the project should prioritize improving its value through innovative products and technologies. Therefore, the launch of Shibacals, the real-world component of Shiba Inu, represents a step in the right direction. Speculators expect this newly introduced product to extend the ecosystem’s reach beyond the digital realm.
According to a tweet showcasing a screenshot of Shytoshi’s message, Shibacals also bring the community closer to introducing Shibarium, which serves as Shiba Inu’s Layer-2 protocol. Although a specific launch date for the layer-2 protocol has yet to be announced, strong speculations suggest it will be deployed in the third quarter of 2023.
Nevertheless, before the Shibarium protocol is implemented on the main net, it is expected to undergo a series of tests and audits to ensure its reliability and security.
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