Has Shiba Inu Been Reaching For The Stars? Here’s What It Means

Shiba Inu has developed into an ecosystem that goes much beyond simple trade. The area of cryptocurrency development and adoption took centre stage. This year, the meme coin SHIB attracted a lot of attention. The network also increased its utilities, albeit initially it was due to its increasing prices.

As reported by TWJ earlier, the Singapore-based MEXC exchange, in partnership with Bone ShibaSwap (BONE), has announced a prize fund of 5,555 BONE to qualified users that participate in the “Sign up, Deposit & Trade” event , as posted on the official SHIB Twitter handle.

MEXC Global, one of the first exchanges to offer the Shiba Inu ecosystem governance token, added BONE support in January of this year. By introducing a USDC pair, the leading cryptocurrency exchange recently increased support for SHIB. One of the first exchanges to add the Dogecoin-killer early was MEXC, which made the announcement that the canine token may now be traded on its platform in July 2021.

Less than 65,000 BONE are still available for farming, yet interest in the asset is still growing. When 230 million tokens were produced, the Shiba Inu community overwhelmingly decided to stop all BONE farming. This decision was made in June. Shibarium validators were supposed to receive the remaining 20 million tokens. There are still just 250 million BONE tokens available.

Big chunk Shiba Inu gets burned

According to Shibburn, a platform that tracks transactions that lower the amount of Shiba Inu dog tokens currently in circulation, the SHIB army has succeeded in burning more than a quarter of a billion SHIB during the past 24 hours.

Shiba tokens totaling 276,280,888 were transmitted to dead wallets in 22 transactions throughout the course of the previous day and night. A total of 160,549,026 SHIB worth of meme coins were also burnt in a single transfer by an unknown wallet, coming very close to the same sum.

The SHIB army burns Shiba Inu tokens every day in an effort to lower the current supply of tokens that are available on the market. Burning refers to moving tokens into “inferno” wallets, where they are effectively frozen and removed from circulation, increasing the scarcity of a coin. The SHIB army destroys its coinage with the anticipation that when they are in short supply, their value would increase.