- Shibarium’s performance has been commendable as it reached a new milestone.
- SHIB’s metrics and market indicators were also bullish on the memecoin.
Shiba Inu [SHIB] is known for its burn activity, which plays a critical role in the token’s utility. Not only does it emphasize its deflationary characteristics, but it also has an important role in molding investor sentiment.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
But is the burn enough for the token to take it to the moon? A look at SHIB’s price action might infer the opposite to be true. However, SHIB’s popularity and its upcoming updates could turn things around.
A look at the Shiba Inu ecosystem
LUCIE, a popular Twitter account that posts updates related to the Shiba Inu ecosystem, recently posted a tweet talking about SHIB burn and the role of Shibarium.
As per the tweet, Shibarium significantly impacts the Shib ecosystem by introducing a burning mechanism that reduces the supply of Shib. When users make transactions on the network, the base fee is locked into a Shibarium contract, while the priority fee is paid to validators.
The base fee is divided, with 70% burned and 30% set aside for network maintenance.
However, the press time data looked concerning. As per SHIBBURN, Shiba Inu’s burn rate had declined by over 80% in the last 24 hours.
Is the burn rate actually helping SHIB?
SHIB’s burn rate has always been high, but its effects have not yet been shown on its charts. As per
Go to Source to See Full Article
Author: Dipayan Mitra
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
