- SBI VC Trade, aligned with financial leader SBI Group and Ripple, has launched a campaign rewarding Dogecoin and Shiba Inu traders with gifts to mark a festive occasion.
- A significant SHIB burn rate increase has been recorded, signaling robust community engagement in the token’s deflationary strategy.
Celebratory Tokens: SHIB and DOGE Rewards
SBI VC Trade, the brainchild of the financial powerhouse SBI Group and a pivotal Ripple partner, has recently unveiled an intriguing campaign. Traders who execute orders surpassing 50,000 yen are greeted with a gift: 1% of the contract amount. This gesture is not merely promotional but a festive nod to Kabosu, the Shiba Inu canine that famously became the face of Dogecoin and Shiba Inu tokens, marking the dog’s birthday.
— SBI VC Trade (SBI VCトレード） (@sbivc_official) November 2, 2023
In addition to this celebratory offering, SBI VC Trade incentivizes new clients by providing Kabosu fruit juice upon account creation—a whimsical tie-in to the inspiration behind these popular meme tokens.
A Surge in SHIB Burns
The Shibburn wallet tracker has noted a remarkable uptick in SHIB burn rate, rising by a staggering 73.88% over 24 hours. Notably, a total of 21,600,479 SHIB tokens were sent to “dead-end” wallets through 11 separate transactions. The burning mechanism is crucial for SHIB, as it reduces the overall token supply, potentially increasing the value of remaining tokens.
Comparing monthly figures, October witnessed a 37.12% surge in burned SHIB tokens compared to September, with nearly 1.5 billion tokens incinerated over almost 800 transactions, reflecting a proactive community dedicated to the token’s deflationary measures.
Whale Movements and Developer Commentary
In parallel with these burns, the cryptocurrency community observed an anonymous whale moving an astounding 4.4 trillion SHIB tokens. This transaction, valued at over $33 million, is part of a series of sizable SHIB movements, an indication of the meme coin’s significant circulation and activity.
The Shiba Inu development team, led by the enigmatic Shytoshi Kusama, emphasizes that token burns should be driven by utility and adoption, not mere speculation. Kusama’s stance is clear: without genuine use-case development, token burns lack substantive impact. It is this philosophy that steers the team’s creation of Shiba Name Service (SNS), designed to enhance Shibarium’s utility, solidify digital identities, and simplify wallet addresses, steering clear of the complex alphanumeric strings commonly seen in the crypto space.
In conclusion, SBI VC Trade’s celebration merges market incentives with a tribute to the meme culture that has become a vibrant part of the cryptocurrency narrative, while SHIB’s burn rate surge and developer insights underscore the community’s commitment to the token’s longevity and practical utility.