Shiba Inu Devs Deliver on Coin Burn, Price Soars
Meme token Shiba Inu continues to build out its ecosystem, and investors have been waiting to see when the price of the cryptocurrency will reflect these ambitions. On Sunday, the Shiba Inu price gave investors what they were looking for by rallying nearly 20%.
The Shiba Inu price currently hovers at USD 0.00000814 with volume reaching a stronger than average USD 1 billion. This weekend alone, the Shiba Inu price has seen its value balloon by more than 30%.
Shiba Inu Price Nudge
The Shiba Inu price may have received a nudge from the project’s developer team. Shib developers announced a two-pronged strategy that appears to have set the rally in motion, including the addition of:
- New pairs on decentralized exchange (DEX) ShibaSwap
- A coin burn
The developers appear to have expanded their “new listings plans” to include a coin burn of two major coins in the ecosystem, Shiba Inu (SHIB) and Leash (LEASH). This includes the addition of two new ETH-fueled trading pools on ShibaSwap:
- Perlin (PERL-ETH)
- Ryoshi (RYO-ETH)
The addition of these two pools coincides with a USD 25K coin burn for SHIB and a USD 25K coin burn for LEASH tokens.
The addition of two new pools, PERLIN (PERL-ETH), and RYOSHI (RYO-ETH). Both will have 20 AP.$PERLIN has burned $25,000 in both, $SHIB and $LEASH, and has offered their native tokens as bi-weekly rewards as well, including Woofable $Bone. pic.twitter.com/d6DAH1qe0p
— Shib (@Shibtoken) August 7, 2021
According to the Shiba Inu website, the Leash token has a total supply of 107,646 tokens. Shiba Inu started with a supply of 1 quadrillion, but the Shiba Inu team gifted 50% of the supply to Ethereum co-founder Vitalik Buterin, who proceeded to burn most of that in a “dead wallet.” He reportedly donated the rest of his Shib holdings to charity.
In response to the coin burn, Shiba Inu investors expressed their excitement about the price rally on social media channels, including Twitter and Telegram. Some were quick to point out, however, that it is just as important to grow what they refer to as the “Shib Army” to strengthen the long-term potential of the project. Others were calling for larger and more frequent coin burns in order to sustain the rally. Burning removes the coins from circulation and keeps a handle on the inflation model.
BitForex, a digital asset trading platform, may also be responsible for fueling the rally in the Shiba Inu price. The company is behind a “Crypto Cup” competition in which participants can support their favorite cryptocurrency project. Meme coins Shiba Inu and Dogecoin are going head to head.