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Dog-themed Shiba Inu (SHIB) has made advancements in controlling its circulating supply. In a notable move, Shiba Inu is expanding its deflationary mechanism by leveraging the Base blockchain. According to an update by Shib on X, the move introduces a new burn engine for the entire ecosystem.
New burn engine on Base to reduce Shiba Inu supply
Notably, Shiba Inu is now on the Base network, and with this development, it aims to reduce the total SHIB supply significantly. According to the design, users in the ecosystem can expect active burn activities from the new "burn engine."
The move suggests that Shiba Inu is taking bold steps to control the circulating supply, which could help stabilize market prices. The ecosystem has relied on this mechanism to check price volatility. Hence, the move on Base highlights a commitment to maintaining a steady burn rate.
Interestingly, over the last 24 hours, more than 600 million SHIB tokens have been burned on "Creator Coin" activity, which SHIB launched on Zora. According to the design, the coin generates creator fees when users buy or sell, and these fees are used to burn SHIB.
Overall, the move is to increase the scarcity of Shiba Inu on the market and drive up the value of the meme coin.
As of press time, Shiba Inu was changing hands at $0.00001368, reflecting a 2.32% decline in the last 24 hours. However, investors are active as trading volume has surged by 62.96% to $238.54 million within the same time frame.
Whale dominance surges as market eyes potential rally
Meanwhile, Shiba Inu has seen an increase in whale dominance as its hold on the market climbed to 74%. This suggests that large holders have purchased substantial amounts of SHIB in recent times, as they anticipate a potential price increase.
These bullish activities, including the new burn engine, may support a rally for Shiba Inu and help it retain its position among the top 20 assets in the cryptocurrency space.
Vladislav Sopov
U.Today Editorial Team