Shiba Inu Burn Rate Soars 612% Overnight as 3.2M SHIB Removed From Supply

The Shiba Inu (SHIB) ecosystem has seen a sharp increase in its burn rate, which surged by 612% overnight, according to data from Shibburn. 

Over 3.2 million SHIB tokens were sent to inactive addresses, removing them permanently from circulation. This brings the total number of burned SHIB tokens to over 410.74 trillion since the burn program’s inception.

The community remains committed to reducing the circulating supply, with 584.2 trillion SHIB currently in circulation. The burn rate serves as an essential metric for gauging the ecosystem’s health, reflecting the efforts to deflate the supply amid ongoing market consolidation.

Shiba Inu Struggles Below $0.00002 Amid Market Volatility

SHIB’s price was at $0.00001994 at press time, marking a -2.46% decline in the last 24 hours and a -9.28% drop over the past week. With a market cap of approximately $11.74 billion and a 24-hour trading volume of $294.2 million, Shiba Inu continues to face challenges in retaining its appeal.

Once known for its sharp price swings, SHIB is now experiencing reduced volatility, which has made it less attractive to speculative investors. 

Falling below the crucial $0.00002 level marks a concerning phase for the asset, signaling weakened sentiment among traders.

Shytoshi Kusama Spotlights ShibOS Launch

Shiba Inu’s lead developer, Shytoshi Kusama, recently promoted the launch of the Shib Operating System (ShibOS). According to Shytoshi, the platform is a “Next-gen operating system that delivers a turnkey solution for Web2 to Web3 transition.” 

The multi-layer system enables developers to build scalable, privacy-conscious, and high-performance applications tailored for various use cases.

https://twitter.com/shibmejia/status/1882256258880913651

The ShibOS platform offers 36 different chambers, each designed for a specific purpose. These include components such as the Shiba Inu Doggy DAO, Super HUB FUN, Tournaments Engine, Shib Finance, and an NFT Collection, among others. 

This development positions Shiba Inu as more than just a meme coin, expanding its potential within the blockchain ecosystem.

ShibOS Offers Versatile Use Cases

The ShibOS initiative introduces a variety of features that cater to different sectors within blockchain technology. Some chambers, such as the FHE-Powered Identity Stack, focus on privacy and identity solutions, while others, like the Shib Events & Ticketing Engine, target real-world applications.

The operating system aims to provide users with a comprehensive toolkit to build decentralized applications (dApps) that are optimized for scalability and efficiency. By offering such functionality, Shiba Inu seeks to attract developers and users looking for more practical use cases within the ecosystem.

Shiba Inu’s focus on reducing its token supply and expanding its functionality through ShibOS reflects ongoing efforts to strengthen its ecosystem. 

However, market conditions and investor sentiment will likely play a key role in determining its future trajectory.

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