Team Member Breaks Down Latest Burn

Lucy, a member of the Shiba Inu team, recently discussed burn injuries. Recently, the token founder Ryoshi burned the keys to the total supply of SHIB. In the X post, Lucie explained the reasoning behind founder ryoshi’s decision to burn the keys to the supply of assets.

lucy shared it Ryoshi’s Burning a Shiba Inu supply key “means you must first purchase it in order to burn it.” The team member went on to say that the SHIB community is the driving force behind writing, including writing tokens and transactions.

A large Shiba Inu burn usually indicates renewed market sentiment towards an asset (SHIB in this case). The dog-themed token has been showing in red on the charts for the past month, and today he is up 4%. Moreover, based on the trading activity around SHIB, this asset could see more burns in the near future.

Source: Watcher.Guru

Also read: How to bet on a Shiba Inu in 2024?

“To perform a burn, users need to earn income to facilitate the process,” the SHIB team member further stated. explains. At the time of writing, the Shiba Inu trading price is $0.00002395. Since the burn, the trading volume of the token has decreased. However, according to the official announcement, Shibarium’s layer 2 network has completed a hard fork. Therefore, prices are expected to rise soon.

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