As a seasoned crypto investor with a soft spot for meme coins and a keen interest in Shiba Inu, I’ve witnessed firsthand the project’s dedication to reducing its supply and enhancing its ecosystem through burning mechanisms. The recent decline in burning efforts in May, with only 370 million tokens burned compared to over 1 billion in April, is disheartening but not entirely unexpected given market fluctuations. However, I remain optimistic about the long-term potential of this strategy.
TL;DR
- Shiba Inu’s burning efforts in May experienced a 78% decline compared to April.
- The layer-2 blockchain solution Shibarium surpassed 5 million blocks and 400 million transactions, enhancing the ecosystem’s growth.
The Burning in May
As a researcher studying the cryptocurrency market, I’ve noticed that Shiba Inu, a well-known meme coin project, has experienced a significant reduction in its circulating supply lately. Specifically, approximately 370 million assets have been burned throughout May, which is equivalent to 328 transactions. To put it into perspective, this number represents a substantial decrease of 78.23% compared to the total amount burned in April.
369,173,694 $SHIB tokens have been burned in the month of May with 328 transactions. #SHIB
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Three years ago on this day, June 1st, 2021, marked the beginning of Shibburn’s journey as the pioneering initiative centered around $SHIB, and the very first dedicated burn project within the cryptocurrency realm.
— Shibburn (@shibburn) June 1, 2024
The burning mechanism is a crucial component of Shiba Inu’s ecosystem, designed to diminish the vast quantity of tokens in circulation, making them less abundant and possibly more valuable over time. Over the last few years, the Shiba Inu team has transferred over 410 trillion units, which represents approximately 41% of the current supply, to a non-existent address for burning.
As an analyst, I’ve observed that SHIB‘s price has gained slightly on a monthly basis, with the current value hovering around $0.00002504. Notably, this meme coin has demonstrated a remarkable surge of 190% over the past year, positioning it among the top performers in the crypto market during that specific timeframe.
Shibarium’s Advancement
Another factor that may positively impact the price of Shiba Inu is the further development of the layer-2 scaling solution, Shibarium. It officially saw the light of day in August last year and has since passed countless milestones.
As a crypto investor, I’m excited to share that the total number of blocks processed on the network has just surpassed the 5 million mark – a significant milestone for me! Looking back, we passed another impressive threshold when the total number of transactions reached over 400 million. And let me not forget, wallet addresses exceeded 1.8 million as well. These achievements reflect the growing adoption and activity within the crypto community.
As a crypto investor in the Shiba Inu ecosystem, I can tell you that Shibarium is being developed with the goal of propelling our community forward. By reducing transaction costs, increasing transaction speeds, stimulating more engagement among community members, and enhancing scalability, Shibarium aims to create a thriving and sustainable environment for all SHIB holders.
Last month, our network went through two significant enhancements. The first update introduced compatibility with widely-used self-custody wallets like MetaMask, Trust Wallet, Coinbase Wallet, and more. The second upgrade is geared towards enhancing the capabilities of our developer community, expediting block processing times, and enhancing the user experience in general.
As a researcher exploring the L2 blockchain solution, I invite you to delve deeper into this topic by checking out the informative video we’ve prepared for you below.
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2024-06-03 15:06