Shiba Inu Explores Supply Reduction via New Burn Engine on Base Amid Rising Whale Activity
Main Idea
Shiba Inu has introduced a new burn engine on the Base blockchain to reduce the circulating supply of SHIB tokens, aiming to increase scarcity and potentially enhance token value over time.
Key Points
1. Shiba Inu deployed a burn engine on the Base blockchain, which has already burned over 600 million SHIB tokens in the last 24 hours.
2. Whale dominance in Shiba Inu has risen to 74%, indicating large holders may influence market dynamics, often preceding bullish momentum.
3. Despite a 2.32% price decline to $0.00001368, Shiba Inu’s trading volume surged by 62.96% to $238.54 million within 24 hours, reflecting heightened investor interest.
4. The deflationary strategy aims to stabilize prices and foster a sustainable ecosystem, aligning with market trends favoring scarcity-driven valuation models.
5. Shiba Inu’s approach contrasts with many meme coins by employing a more mature strategy, including the use of Base and Zora for token burns.
Description
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