Dogecoin-killer Shiba Inu announces new strategy for burning SHIB, LEASH and BONE
- Shiba Inu has partnered with NowPayments.io to facilitate the burn of a percentage of tokens in each transaction.
- With the ongoing price rally, SHIB witnesses a spike in on-chain activity.
- Analysts expect SHIB to continue posting gains, even as DOGE retreats.
Shiba Inu has announced its latest partnership for burning SHIB ecosystem tokens. Popular as the Dogecoin-killer, Shytoshi Kusama has unveiled plans to boost the utility of SHIB, LEASH and BONE.
Boost in utility and implementation of burn likely to fuel SHIB rally
Shiba Inu has jumped in on nearly every trend in cryptocurrencies since its launch in August 2020. Upgrades in the ecosystem like the launch of decentralized exchange ShibaSwap, a trifecta of SHIB ecosystem tokens (SHIB, LEASH and BONE) and the implementation of burn are key to Shiba Inu’s growth in 2021.
The Shiba-Inu-themed cryptocurrency announced its recent partnership with NowPayments.io, a platform to accept cryptocurrency payments. Through this move, a percentage of Shiba Inu ecosystem tokens will be burned through every transaction, beginning with SHIB.
We are proud to announce that we will be establishing a #PartnerSHIB with NowPayments.@NOWPayments_io will onboard the #SHIB Trifecta $SHIB $LEASH $BONE, starting with $SHIB, BURNING a percentage on each transaction.
— Shib (@Shibtoken) October 7, 2021
More details to follow #ShibArmy, stay tuned! WOOF! pic.twitter.com/YXjMWB3ZNX
The community criticized the “fractional burn” since burning a considerable percentage of SHIB will take years. Proponents have proposed the implementation of manual burn to reduce SHIB’s circulating supply faster.
SHIB traders are awaiting the launch of Shiboshis, the 10,000 NFTs minted on ShibaSwap, burn through NowPayments.io and the project’s foray into gaming.
The token’s ongoing price rally has increased its market capitalization and on-chain activity. Shiba Inu’s Twitter handle @Shibtoken has crossed 1 million followers. The token now has 720,000 followers based on data from block explorer and analytics platform Etherscan.
Shiba Inu token took 14 months to hit a market capitalization of $12 billion, and Dogecoin took over two years to hit the same milestone. Analysts consider SHIB the real Dogecoin-killer.
SHIB price corrected more than 20% over the past 24 hours. However, analysts have confirmed that there is room to grow. Cryptocurrency analyst @BitQueenBR expects SHIB price to hit an all-time high before further correction.
Pretty sure $SHIB is going to tap the ATH before going into any kind of corrective structure pic.twitter.com/kH5fynADEo
— BitQueenBR (@BitQueenBR) October 7, 2021
FXStreet analysts have evaluated the SHIB price trend and predicted that the memecoin would likely surge to $0.00003000.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
