According to statistics from the Shibburn Tracking Services website, the burn rate for Shiba Inus increased today by 252% over the previous 24 hours. The previous 24 hours have seen ten transactions and a total burn of 23,735,647 SHIB tokens.
The delivery of millions of SHIBs to dead wallets a few days ago caused Shiba Inu’s burn rate to peak at 1,082%. In total, ten transactions burned 134,952,334 SHIB tokens.
In October, when there were roughly 154 million SHIB, this high was last recorded. The daily burns for SHIB have dropped to as little as 4 million tokens due to the recent unfavorable market conditions.
Shiba Inu has had a tough time since FTX crashed. Cryptocurrency markets are feeling the pain from this recent event, but Shiba Inu has been hit harder than most cryptocurrencies.
Due to this decreased stability, the currency has moved down two spots to take up the 15th rank from its previous position as the 13th largest by market valuation.
However, the token is struggling to recoup its value. The CoinMarketcap’s data shows that it is currently trading at $0.000009244 with a gain of about 3% in both daily and weekly charts.
Shiba Inu Ecosystem Developments
Shiba Inu has been battling to win back the confidence of its investors and make up for losses incurred as a result of the FTX crash. This week was, therefore, jam-packed with exciting events.
Such as, the Shiba Inu team has declared that holders of this meme coin are eligible for the project’s “exclusive special” from the blockchain-based travel agency Travala. If users pay with SHIB, the service will give them a free $25 travel credit to spend toward booking hotels, flights, and activities.
After the well-known meme currency community succeeded in its “battle” with the competing canine coin Floki Inu back in December 2021, Travala decided to promote it. But in May of last year, the platform added support for Dogecoin, a competitor cryptocurrency to Shiba Inu.
The pseudonymous lead developer of the well-known meme currency Shiba Inu, Shytoshi Kusama, previously declared that they had been warmly asked to collaborate with the World Economic Forum about their “MV global policy.”
To find out whether the public supports a partnership between Shiba Inu and the WEF, Kusama conducted a Twitter poll. Currently, there have been around 22,775 votes, with the majority of supporters—about 63%—supporting such a partnership.
In a subsequent tweet, Kusama claims:
We would be at the table with policy makers and would help shape global policy for the MV alongside other giants like FB (bye Zuck), Sand, Decentraland etc. And please don’t ask my opinion, you already know.
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