- Shiba Inu’s burn rate has surged by over 3000%, following the burn of 7.8 million SHIB tokens, contributing to a 7.05% price surge.
- Additionally, the Shiba Inu ecosystem, in partnership with K9 Finance, has launched an official liquid staking platform on the Shibarium network.
According to recent data from Shibburn, a platform that tracks and records the burning of Shiba Inu, Shiba Inu has witnessed a significant surge in its burn rate. According to the platform, SHIB’s burn rate has surged by more than 3000%. This sudden surge was recorded after developers burnt 7.8 million SHIB tokens strategically to reduce Shiba Inu’s circulating supply and boost the token’s price.
With all efforts put in place, Shiba Inu is showing signs of recovery, similar to the broader cryptocurrency market. The broader market has followed Bitcoin, which has painted a rather bullish sentiment. At the time of writing, Bitcoin is swapping hands with $62,068.58, marking a 3.12% surge in the last 24 hours. Similarly, Shiba Inu has also seen gains, recording a 7.05% surge in the last 24 hours, with its price standing at $0.00001418.
The burn rate spike, coupled with recent market optimism, has reignited hopes of a rally. If SHIB can hold above its key support, it may push toward the $0.000020 resistance level. However, a bearish downturn could see around 350,000 SHIB holders facing losses.
Additionally, long-term HoDLers have demonstrated strong confidence in the token. Data has shown that assets held in centralized exchanges have dropped by 17.8% over the past year.
It is worth reminiscing that SHIB’s massive token supply recently raised concerns among the Shiba Inu community. LUCIE, Shiba Inu’s marketing lead, explained that developers could not reduce the supply since the project’s creator, Ryoshi, burned the control keys.
K9 Finance Launches Shibarium Liquid Staking
Shiba Inu’s surge in its burn rate comes amidst another significant development in its ecosystem. Announced via an X post, in partnership with K9 Finance, liquid staking has been launched on Shibarium. This is meant to alter how users stake and utilize their BONE tokens.
Our partner @k9finance has launched the official liquid staking platform for @shibariumnet today! 🐶
The K9 DAO product is called "Bone Crusher". In Latin, this translates "Borophaginae", which is uniquely branded after the evolution of a modern-day Canine!
— Shibarium Network (@ShibariumNet) September 18, 2024
Basically, Liquid staking revolutionizes the traditional staking method by enabling users to stake BONE while retaining liquidity. K9 Finance’s dApp allows users to convert staked BONE into knBONE, a derivative token usable within the Shiba Inu ecosystem. By doing so, users get to earn rewards while keeping their tokens active for trading and other purposes.
The Shiba Inu team expects liquid staking to increase Shibarium’s TVL and transaction volume, potentially boosting SHIB’s burn rate and price. K9 Finance’s founder, Buzz, predicts a 50-fold increase in Shibarium’s TVL, reaching $50 million if more users stake BONE on the dApp.
Higher transaction volumes and TVL growth on Shibarium would mean more SHIB tokens burned due to increased network activity. As SHIB’s circulating supply diminishes, investors are speculating whether this could drive the token’s price to $0.00002 in the near future.
