After a weeklong drawdown in the price of most digital currencies, altcoins like Shiba Inu (SHIB) are now pushing toward a trend reversal. A key aspect for the meme coin is increasing its daily token burn rate.
SHIB Token Burn Surge
Statistics show that the Shiba Inu burned 14,217,643 SHIB in 24 hours. Several wallets were involved in this process, with the largest being '0x463...b9758,' incinerating over 7.2 million tokens. Since the launch of the ShibTorch or Shibarium burn portal, the total number of tokens sent to dead wallets has remained the same. Despite the lower intensity of activities in the ecosystem, Shibburn data reveals that 312,693,562 SHIB were burned in the past seven days.
Potential Token Revaluation
One solace the Shiba Inu community is nursing is the consistency in the deflationary metric. Despite the low numbers involved in each daily burn session, this consistency is paying off. The goal for the meme coin is to sufficiently lower the total supply to boost its value significantly.
Future Plans: DAO and dApps Development
While a part of the token's future value boost strategy is driving deflation, the core developers have grander plans. First, there is the plan to introduce community governance (DAO), where users will have a say in what becomes of the protocol, giving power back to the SHIB community. Beyond this, the token has introduced a developer toolkit that will enable innovators in the ecosystem to build and launch usable dApps. Although not yet live, this SHIB infrastructure might drive utility, boost token demand, and contribute to future price growth.
Shiba Inu continues to display consistent deflationary trends, potentially a key factor for future token value growth. Plans for DAO implementation and developer support further enhance these prospects.
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