Shiba Inu has made significant progress since its inception. SHIB has made significant progress from a simple memecoin standpoint. SHIB is the second largest memecoin by market capitalization. But it gives DOGE a run for its money as it keeps ahead of the king of memecoins in terms of developments.
The Shiba Inu team has been working on a number of projects to develop its ecosystem. The game is working on several innovations, including SHIB Burns, SHIB Metaverse, and the game Shiba Inu Eternity.
Should the Shiba Inu community brace for a start?
The year 2021 was a remarkable year for Shiba Inu and its keepers. With several early holders taking home millions, it was one of the best performing. But the entire crypto market, including SHIB, was bearish. The prolonged bear market has wiped out gains in the market.
SHIB is currently trading at $0.00001115 with a gain of 1.47% in the last 24 hours. SHIB’s performance over the past year was not that impressive. SHIB has gained 3.37% in the last 7 days. It was down 10.83% and 9.43% in the past 30 days and 60 days. SHIB has lost 67.1% of its value in the past year so far.
In addition, SHIB is gaining ground among large whales. Today a whale has scooped up 1 trillion SHIB.
However, SHIB is making progress with its combustion mechanism. It has been one of the initiatives to reduce the SHIB in circulation. This is with the view that the reduction in supply will cause a price increase.
However, the burn rate that soared last week has dropped significantly this week. According to Shibburn’s details, the burn rate has dropped 70.49% in the last 24 hours. Only 17,549,842 SHIB have been burned in the last 24 hours.
The community is also bracing for the launch of the Shibarium, which will increase the price of SHIB after launch.