As a seasoned researcher with a penchant for blockchain technology and its intricacies, I find myself both astounded and amused by the recent developments in the Shiba Inu ecosystem. The staggering 790% increase in weekly SHIB burn rate is nothing short of phenomenal, a testament to the community’s unwavering dedication and collective efforts. However, it’s quite ironic that this significant reduction in supply has coincided with a 7.60% plunge in price over the past 24 hours.
Based on new data from the Shibburn blockchain monitoring system, it’s been reported that the SHIB community has managed to destroy over 100 million meme tokens within the last seven days.
In the meantime, the Shiba Inu price has demonstrated a major 7.60% plummet over the last 24 hours.
Weekly SHIB burns step on it
According to a recent tweet from Shibburn, during the last week, more than 114 million Shiba Inu meme coins have moved from the active supply into “inferno” wallets on the blockchain and have been securely stored there.
In other words, the rate at which Shiba Inu tokens are being burned per week increased by over 790%. On the other hand, the daily burn rate indicates a decrease of about 97.66%, with only approximately 1.63 million SHIB tokens destroyed in the last 24 hours.
There have been five burn transactions made up to now, according to the Shibburn website.
Currently, there are approximately 583 quintillion Shiba Inu meme coins in circulation, with roughly the same number, around 411 quintillion, having been destroyed through burning.
Shytoshi Kusama publishes important SHIB DAO message
According to a recent report from U.Today, during the weekend, the mysterious figure leading the Shiba Inu group shared a significant statement emphasizing the crucial part that LEASH token holders will play in the upcoming integration of the SHIB Decentralized Autonomous Organization (DAO) on Shibarium.
Kusama emphasized that LEASH holders would function as a group of governors, ensuring order and safeguarding the system. Furthermore, they would be granted the right to decide on disputes within the DAO.
As per a tweet shared by another prominent member of the SHIB community, Lucie, it appears that both BONE and SHIB token holders may gain the right to cast their votes within a Decentralized Autonomous Organization (DAO) that’s currently under development for launch.
Through casting their tokens, Shiba Inu owners can take part in making decisions regarding charitable initiatives and upholding the Shiba Inu community’s values. On the other hand, BONE holders will have the opportunity to influence choices related to expanding blockchain education and innovation (Education and Research Council) as well as guiding the development of the Shiba Inu ecosystem (Technology Council).
Lucie published her tweet reacting to the arrest of the Telegram and TON coin founder Pavel Durov in Paris over the weekend. She stressed that this action was an attack against the cryptocurrency space and free speech.
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2024-08-26 15:39