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Shiba Inu (SHIB) Burn Rate Slightly Up 36% as 126 Million Burned in Past Week

Sun, 12/04/2022 - 14:32
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Tomiwabold Olajide
SHIB was trading at $0.0000093, marginally down in last 24 hours
Shiba Inu (SHIB) Burn Rate Slightly Up 36% as 126 Million Burned in Past Week
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Shiba Inu's burn rate is slightly up 36% in the last 24 hours, as a total of 8,375,655 SHIB were burned and six transactions were made.

In the last seven days, 126,452,790 SHIB tokens were burned and 50 transactions were made. This number is lower than that of the previous week, when 223,264,370 SHIB tokens were burned.

At the time of publication, SHIB was trading at $0.0000093, marginally down in the last 24 hours. After a rebound from lows of $0.0000081 on Nov. 22, SHIB has remained in consolidation, with the range tightening as the days go by.

Shiba Inu Sees Nearly 100% Weekly Burns, What's Next on SHIB Price?

This might suggest a move might be on the horizon, though the extent remains unknown. The daily RSI has flattened, increasing the chances of consolidation ahead of the main move.

Shiba Inu's Welly DAO model kicks off

In February, Shiba Inu announced its integration with the Italian burger joint Welly. The DAO model was proposed to enable the community to participate in decision-making.

As stated in a blog post, Welly's DAO model was tested during the recent launch of its Decentralized Organizational Group (D.O.G.) in late November. Community members were tasked with choosing the best interior design from a sample of three concepts offered by the partner design firm, Masquespacio, for the inside of future franchise locations.

Future decisions presented to Welly community members will utilize the D.O.G. model. This will involve decisions ranging from store décor to franchise locations, menu options and packaging.

Additionally, the Shiba Inu community will use a different DAO to decide how to best use funds allocated to SHIB holders, which will account for 15% of future net store profits.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.