The Shiba Inu ecosystem continues to burn tokens at a rapid pace. SHIB's token burning mechanism is one of the most streamlined features of the ecosystem, allowing the token to establish a strong equilibrium.
At the same time, the system burned nearly 17,695,347 tokens in the past 48 hours. New Shibburn data shows the burning of an additional 6,353,383 tokens over the trading year, reinforcing the process of maintaining a stable price pace for the Shiba Inu to be completed and achieved.
SHIBA Inu's (SHIB) cash burn rate skyrocketed 1600%
The last 48 hours are quite important for the Shiba Inu's firing mechanism. The ecosystem burned a total of 24,049,730 tokens, divided into nine large transactions, with smaller fractions of transactions driving the burn rate metrics.
The statistics increased by 1600% on July 3, while new data published by the portal shows the burning of 64% more tokens on July 4. This move shows the Shiba inu burning supply are generally shrinking to achieve balance and maintain the âscarcity factorâ of the token.
According to Shibburn, nearly 410,727,425,801,316 tokens have been burned to date. At press time, SHIB's price was averaging $0.00001565. With such strong burn achievements, the community is now hoping for a meteoric rise in the token's price.
The Shiba Inu ecosystem is welcoming new updates and improvements in its infrastructure. The system is currently working to launch the blockchain version of Shiba Eternity Game. At the same time, SHIB is busy expanding its Shibarium network to include more community participation.
The Shibarium network recently introduced three new updates, notably launching âBuild on Shibarium, become a validator and asset connector.â Elements include allowing developers to build applications on Shibarium as well as allowing users to become validators on the network. The third update includes connecting assets from Shibarium to Ethereum for a comprehensive web3 experience.
