Shiba Inu spells Big Numbers! Not in Profit but in Token Burning

Hodlers of the popular crypto Shiba Inu recorded gains supposedly triggered by the crypto's token burn system.

The second largest crypto meme coin Shiba Inu saw a surge in burn rate and asset price on Thursday amid widespread losses in the digital asset market as market leaders like Bitcoin and Ethereum took a breather. Shibburn portal has spread the word that, in the last two days, roughly one-third of a billion Shiba Inu was sent to unspendable wallets, currently raising the SHIB burn rate. According to a tweet from an active burner of Shiba Inu tokens, part of this amount was eliminated via Amazon and the new SHIB burn portal. SHIB, the 12^th-largest cryptocurrency, has a market capitalization of $8.01 billion and currently trades at around $0.00001439, according to data from CoinMarketCap.

SHIB's upwards price action is primarily a result of a spike in the token's burn rate earlier this week and expectations around the launch of Shibarium (a layer-2 blockchain to be launched by Shiba Inu).

Nearly 110 million SHIB tokens have been burned over the past 24 hours, and 40% of the total SHIB supply has been burned to date, as per data from Shibburn. Shibaswap, the popular DEX launched by the Shiba team, has also seen its user base grow, per data from Dune Analytics.

As if news of the brand new digital payment method wasn't enough to drive excitement and a positive outlook back to the once globally trending Shiba Inu cryptocurrency, the breaking information was supported by other relevant news. Shiba Inu has gained traction by becoming an increasingly active cryptocurrency spot trading option on globally recognized centralized exchanges. $SHIB has been added to an increasing number of centralized crypto exchanges in a particularly tough season for the digital assets market. The $SHIB token economy has been positioned to benefit from a potential increase in daily trade volume in this way, by becoming a viable option for an increased number of traders and investors via listings on globally recognized CEX's.

All recent $SHIB news suggests the Shiba Inu decentralized community has grown a step closer to its goal of distinguishing itself as a viable decentralized project with relevance in the financial and global payments sectors. The Visa Burn Card and recent exchange listings come together to offer clear evidence of what the Shiba Inu team has been busy working towards. The $SHIB token value has increased following the news, while many other cryptocurrencies retraced and experienced pullbacks behind the Federal Reserve's announcement of a .75% rise in inflation.

Forward Progress and More Trends Expected

It is almost unanimously agreed by all experts and Shiba Inu holders, that the new Visa Burn Card, enhanced burn mechanism largely attributed to the new payments card, and increased listings, are all good news. The Shiba Inu team and community, however, have publicly expressed their focus on developing the ecosystem and Shiba Inu token utilization scheme even further.

This seems to potentially just be the beginning of future developments that may come from Shiba Inu. As the market continues in a relatively day-to-day outlook amidst even more interest and inflation rate uncertainty, and other factors affecting the volatility of all markets, the faithful ShibArmy has expressed clear expectations to progress even in what many are calling a full-on bear market, and incoming, possibly not even the start of, the largely anticipated crypto winter.

Shiba Inu Developments- A Major Hope to Look Forward

The biggest developments are coming up this year and have the potential to explode this coin. The Shibarium and the Shiberse are two major Shiba Inu developments that crypto analysts say will be a game-changer for this project. Shibarium, a layer-2 scaling solution, is widely anticipated because of the impact it is going to have on this coin.

Shibarium is a scaling protocol designed to scale Ethereum, which is the network that Shiba Inu is running on. With the launch of this scaling protocol, the Shiba Inu project will significantly reduce the amount of gas that users have to pay when transacting SHIB.