Friday, October 7

Shiba Inu ($SHIB) Adds 30,000 Holders in a Month as Burn Rate And Price Keep Climbing

The meme-inspired cryptocurrency Shiba Inu ($SHIB) has added over 30,000 new holders over the past 30 days, even as the price of the cryptocurrency plunges, and SHIB’s burn rate has kept on climbing. As stated by the blockchain data, Shiba Inu now has 1,169 million token holders on the Ethereum blockchain, up from around 1.134 million late last month, as more Ethereum wallets added SHIB to their holdings. The meme-inspired cryptocurrency has added over 30,000 holders in a month even as its price spikes. According to the market data, SHIB’s price is down 55% over the past 30 days as it was affected by a wider crypto market sell-off exacerbated by the collapse of the Terra ecosystem.

Read Also: What Is Ethereum? Simple Guide for Beginners

SHIBUSD Chart via TradingView

New holders are adding to the cryptocurrency’s community at a time in which  SHB«s lead developer, Shytoshi Kusama, has suggested there’s an upcoming announcement that will “floor everyone”. The SHIB team has recently revealed  that entertainment industry veteran Marcie Jastrow has joined its metaverse team and will be working on the project, called “Shib: The Metaverse.”  Jastrow has over 20 years of experience working in the entertainment industry and was an “early pioneer in Immersive.”

As stated by the Cryptolifedigital, Kusama has in the past suggested the deal would “break the internet” noting many are unaware it’s happening right in front of them.

New holders as also hopping on board as SHIB burn rates increase, Earlier this week, Shiba Inu’s burn rate spiked 800% in a day to 12.6 billion tokens after the cryptocurrency’s burn commenced distributing $RYOSHI rewards to those who burn tokens.

The team behind the meme-inspired cryptocurrency launched the burn portal on April 23 and from that point on until rewards started being distributed the SHIBArmy burned around 29.5 billion $SHIB. After rewards started being distributed earlier this week, the figure jumped to 51.5 billion tokens at the time of publication.

Significantly, the SHIB community has shown through various polls it supports token burns over its Metaverse as part of the project’s long-term strategy, presumably believing a reduction in the currency’s circulating supply is more beneficial than its Metaverse.

Read Also: Crypto Developers Show Commitment To Enhance Terra (LUNA) Spike From The Ashes

The cryptocurrency’s adoption has also been growing, with a  new collaboration between major global restaurant software and payments solution provider Lavu and Fintech payments firm Verifone is set to permit thousands of restaurants in 65 countries to add support for several cryptos as a payment means, in which SHIB was included.

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