Shiba

Shiba Inu

Coin

<ul>
 <li>The price of Shiba Inu has declined by about 26% in the last 30 days, resulting in a decline in its market capitalization&nbsp;</li>  
 <li>The burn rate for the Shiba Inu tokens has been decreased by over 90% every week which is not good for the price of this crypto coin.</li>  
 <li>Smaller transactional volume and whales’ behavior suggested that the public might be losing interest in SHIB.</li> 
</ul>  
<p>SHIB is one of the most<a href="https://cryptonewsland.com/shiba-inu-among-top-crypto-assets-in-us-governments-digital-wallet/" target="_blank" rel="noopener noreferrer nofollow"> significant</a> meme coins and ranked the second largest by market capitalization.However, it recently failed to deliver the same level of performance relative to its early success. Its market capitalization is below $8 billion, and its price has dropped by approximately 26% in the last 30 days. This decline has pulled Shiba Inu down to the 16th biggest cryptocurrency, the position down from better positions it used to hold previously.</p>  
<p>Another factor that suggests that this downtrend could persist is a steep drop in the SHIB burn rate. The burn rate that is expected to reduce the circulating supply of SHIB and increase its value in the long-term has reduced more than 90% weekly. That is why, in recent periods, not more than 13 million tokens have been sent to the address, which is considerably less than during other burning processes.</p>  
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  https://twitter.com/shibburn/status/1825397327261061312
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<p>The burning mechanism, mainly driven by communities, works on the principle that users transfer SHIB tokens to a wallet from which they cannot be recovered. As a result, the token are eliminated from the circulating supply. Although more than 41% of the initial supply of SHIB has been burned in the past few years, the current circulating supply stands at roughly 583 trillion tokens.</p>  
<p>Another troubling factor for SHIB holders is that the net number of new addresses has decreased, and <a href="https://cryptonewsland.com/mysterious-whale-wallet-moves-22m-worth-shib-tokens-whats-next/" target="_blank" rel="noopener noreferrer nofollow">whale</a> activity is diminishing. Such trends suggest that large holders and the crypto space might have reduced enthusiasm for SHIB.</p>  
<h2 class="wp-block-heading" id="h-the-ecosystem-s-utilization-of-shibarium">The Ecosystem's Utilization of Shibarium</h2>  
<p>To address the challenges in the SHIB ecosystem, Shiba Inu has introduced Shibarium, a layer-two solution that enhances its utility. The <a href="https://cryptonewsland.com/shiba-inus-shibarium-l2-the-backbone-of-a-future-ready-crypto-ecosystem/" target="_blank" rel="noopener noreferrer nofollow">Shibarium</a> burn portal is linked to transaction fees, and it uses BONE, Shibarium’s token, to buy SHIB and remove them from circulation.</p>  
<p>However, sufficient network traffic and BONE quantity must exist for this burn mechanism to be efficient, which currently stands at a minimum of 100 BONE tokens to burn.Despite Shiba Inu's community's active and steady backing, the current information indicates that the meme coin has entered a crucial phase.</p> 
<p>The post <a href="https://cryptonewsland.com/shiba-inus-network-growth-slows-is-the-meme-coin-losing-momentum/" rel="noopener noreferrer nofollow">Shiba Inu’s Network Growth Slows: Is the Meme Coin Losing Momentum?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Shiba Inu’s Network Growth Slows: Is the Meme Coin Losing Momentum?

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