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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 5,223% surge in its daily burn rate, as millions of SHIB tokens were permanently removed from circulation.
According to the SHIB burn tracker, Shibburn, this spike saw tens of millions of Shiba Inu tokens being sent to dead wallets in a coordinated effort to reduce the total supply: 21,292,085 SHIB tokens were burned in the last 24 hours, marking a 5,223% surge in burn rate; 148,506,693 SHIB tokens were burned in seven days, representing a 25.31% surge in the weekly burn rate.
Shytoshi Kusama, Shiba Inu's chief ambassador, has returned to X after weeks of public silence.
His series of posts hinted at an ambitious new direction, offering a peek into SHIB’s future that revolved around a "final white paper," artificial intelligence and a daring vision for a "new age."
At the time of writing, SHIB was up 1.74% in the last 24 hours to $0.00001281 following the sell-off over the weekend. After three consecutive days of drops, Shiba Inu recovered from lows of $0.00001226 on Saturday, and bulls are seeking to sustain the rebound, pushing the price to $0.00001294 in the early Sunday session.
ShibDAO launches
The ShibDAO, Shiba Inu's long-awaited Decentralized Autonomous Organization, is no longer simply a notion on a whiteboard; it's now live and ready to fundamentally reshape how decisions are made, and the community steers its ship.
This is a significant milestone for Shiba Inu since it represents the true handover of the keys, ushering in an era in which the Shib Army governs rather than simply participating.
The ShibDAO represents the Shiba Inu community's parliament, built on transparent, unchangeable blockchain code. The plan is for the Shiba Inu Karma system, once fully released, to potentially act as a multiplier, increasing the voting power of dedicated and positive ecosystem contributors.
Vladislav Sopov
U.Today Editorial Team