- Shiba Inu (SHIB) inks 5.5%, flipping OG altcoin Litecoin (LTC) in market cap.
- Shibarium’s ‘puppynet’ soared in transactions after Musk’s stunt.
- The Polygon-based Shibarium testnet records a five-second average block time.
Shiba Inu’s Shibarium Public Beta is flourishing, with over one million test transactions processed so far. The average block time is just five seconds, clearing the way for faster transactions than on the regular Ethereum blockchain. Shibarium Beta is being built on a fork of Polygon, another thriving blockchain technology company that built a faster scaling solution for Ethereum.
Shiba Inu Overthrows Litecoin by Market Cap
The popular dog-themed memecoin Shiba Inu proved its dominance by overthrowing the OG altcoin Litecoin, while both are claiming a market capitalization of nearly $7bn at the time of publication. Furthermore, the quick rebound rally to the upper zone of the bull pennant for Shiba Inu (SHIB) is highly influenced by billionaire crypto enthusiast and Twitter CEO Elon Musk.
Last night, Musk changed Twitter’s original blue bird logo to the DOGE mascot. A funny-looking Kabosu was immortalized in a meme back in 2013, sitting upon the original yellow DOGE sofa. The iconic image gave birth to a litter of memecoins, including Dogecoin (DOGE), Shiba Inu, Floki (FLOKI), Baby Doge Coin (BABYDOGE), and Bonk (BONK).
Temperature Drops for SHIB: Burn Rate Down 95%
At press time, the 14th-ranked SHIB token changes hands at $0.00001133 with a 5.55% daily increase, according to CoinGecko. However, the enthusiasm for the ongoing canine coin rebound rally doesn’t reflect Shiba Inu’s burning efforts. The SHIB Burn rate dropped dramatically by 95.06% in the last 24 hours, with just 1,273,411 SHIB tokens reduced to ashes.
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According to Shibarium’s documentation, the Layer-2 solution for Shiba Inu might change when Shibarium launches an auto-burning feature on the upcoming mainnet. Currently, crypto enthusiasts have to manually send the desired amount to dead wallets specified on the Shibburn portal.
On The Flipside
- In order for SHIB burns to efficiently maintain Shiba Inu’s market price, consistent and heavy burns are needed. Mere millions of tokens don’t make much difference.
- For instance, some crypto traders calculated that SHIB could only reach $1 if the colossal amount of 111 trillion SHIB tokens is set ablaze annually.
Why You Should Care
Shiba Inu is one of the most-watched cryptocurrencies around the globe.
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FAQs
Shiba Inu (SHIB) increased its market value by 2% since Shibarium Beta testnet ‘puppynet’ launched.
The memecoin Shiba Inu could only reach $1 only if 111 trillion tokens would be burned every year.
The downside of Shiba Inu is the dependency on Ethereum (ETH). Currently, $SHIB is an ERC-20 token. Shiba Inu developers are trying to solve this issue by building Shibarium, a self-sufficient blockchain.
The circulating supply of Shiba Inu (SHIB) is currently capped at 589,359,362,358,402. Approximately half of the initial Shiba Inu token supply has been already burnt, while Vitalik Buterin initiated the burning activities two years ago on Shiba Inu’s launch.
