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‘Dogecoin Killer' Shiba Inu (CRYPTO: SHIB) reports a surging burn rate and community news about a big upcoming development.
What Happened: Shibburn data shows the burn rate increasing by 8,596.6% over the past 24 hours. Within the past 20 hours, the community burned more than 17 million SHIB across three transactions.
Lucie, the marketing lead of Shiba Inu, hinted that ” something special” is coming for SHIB. In her July 2 tweet, she wrote, "Cooking—not cooked yet, and participation will be required." This burning process would be taken up in partnership with Shibacals.
In another development, lead developer Shytoshi Kusama shared his Japan visit agenda calling it a "dream come true." He stated that he is in the country "to speak to the brightest minds about Shib, our plan, Web2 to Web3 and more." This couldo foster new partnerships and integrations for the Shiba Inu ecosystem, strengthening its market position.
Also Read: What Is Going On With Dogecoin And Shiba Inu?
Why It Matters: IntoTheBlock data shows Shiba Inu’s daily active addresses increasing by 9.6% to 4,000. Only 48% of SHIB holders remain in profit, with 48% at a loss.
U.S.-based air purifier company Kronos Advanced Technologies is the first public company to accept Shiba Inu payments for its products. The SEC filing stated that there are around 1.4 million SHIB wallet holders that will benefit from this step. To encourage the use of SHIB, the company has offered a discount of 10% on the order if the customer uses the cryptocurrency.
Benzinga Technical Analysis indicates that Shiba Inu’s relative strength index of 40, as of July 2, puts it in oversold territory. The 100-day simple moving average is rising the 50-day simple moving average, a bearish signal that implies potential weakness.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image: Shutterstock
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Posted In: $SHIB
