- Shiba Inu’s burn rate stabilizes after a week of frenzy.
- Memecoin pioneers domain name service with D3 Global partnership.
- SHIB maintains bullish momentum despite recent price fluctuations.
After a week of frenzied burn rates, Shiba Inu (SHIB) seems to be finding stability, albeit temporarily. The burn rate, according to Shibburn data, has taken a dip to -61.7% in the last 24 hours, resulting in the incineration of just over 1 million SHIB tokens. However, the preceding seven days saw a staggering surge, with a burn rate exceeding 4,000%, torching more than 8.6 billion SHIB tokens.
This apparent slowdown in burn rates contrasts sharply with the previous week’s burn frenzy, where billions of tokens went up in flames within a 24-hour span. The tides might turn in the coming weeks, especially after a game-changing announcement on December 19.
Shiba Inu’s Bold Step into the Domain Name Game
While Ethereum Name Service and Unstoppable Domains have long allowed crypto users to claim domain names with extensions like .eth or .crypto, Shiba Inu is taking a leap forward. The memecoin is set to become the first to offer a domain name service, not just redirecting to crypto wallets but integrating into the traditional Domain Name System (DNS).
In a groundbreaking move, Shiba Inu has partnered with D3 Global, a digital infrastructure provider, to bolster its application for a top-level domain (TLD). If successful, this could open new avenues for the meme-inspired cryptocurrency, potentially increasing traffic and transactions, consequently impacting the burn rate.
SHIB’s Rollercoaster Ride
Over the last five days, Shiba Inu has exhibited remarkable price volatility, experiencing sharp fluctuations. Despite a recent recovery from a more than 3% value decrease, the current trading status shows an almost 1% price increase.
Despite the recent dip, Shiba Inu’s bullish trend remains resilient. The Relative Strength Index (RSI) line, as of now, hovers above 50 but below 60, indicating a positive market stance. The momentum is bullish, but not yet in an overbought condition.
As the Shiba Inu ecosystem continues to evolve with pioneering moves, the crypto community eagerly awaits the outcome of its foray into the domain name service space. Will this be the catalyst for a sustained bullish trajectory, or are more surprises in store for SHIB enthusiasts?
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.