- Millions of Shiba Inu Removed from Circulation
- Price Volatility Continues Despite Deflationary Efforts
- New Developer Platform
In the last 24 hours, the Shiba Inu (SHIB) ecosystem has recorded significant activity as volatility persists in the broader cryptocurrency space. A key metric of SHIB, its deflationary mechanism, is on a massive surge.
Millions of Shiba Inu Removed from Circulation
This surge removed 3,106,197 SHIB from the circulating supply. Eight transactions involved the burning exercise, which sent the tokens to dead wallets. The last transaction recorded sent one million tokens in a single batch for incineration.
Price Volatility Continues Despite Deflationary Efforts
The Shiba Inu price lifted off momentarily in the early hours of Tuesday as the burn was being carried out. SHIB’s price peaked at $0.00001367 and dropped briefly in the early afternoon. The dog-themed meme coin, however, recorded a price rebound to $0.00001359 in the evening. Unfortunately, the clawback did not last and the price started a downward slope. At the time of writing, data showed Shiba Inu traded at $0.00001324. Meanwhile, its market volume witnessed a significant 20.54% plunge to $135.49 million due to relatively waning demand on the open market.
New Developer Platform
While the SHIB team battles to stabilize price, it has also introduced a new portal, ShibDev, to assist developers building on Shibarium. The portal makes tools available for innovators to develop decentralized applications.
Despite significant token burn efforts, Shiba Inu's price continues to face pressure. The new ShibDev platform may stimulate additional interest in the ecosystem and support its growth.
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