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The Shiba Inu meme conducted another burning session with a record 41 Million SHIB tokens sent to the dead wallet in a day. This is a record. The community-driven agenda to increase the price of their beloved memecoin continues.
Among the wallets participating in the token-burning is the main wallet that burned around 14.62 million Shiba Inu was associated with Coinbase. And the rest were five other transactions adding up to 41 million. This all added up to a sum of 2.68 billion in the past 7 days. After that, there was a steep low in terms of burning tokens.
Whales of this particular token are the ones transferring these coins to Inferno wallets. Cutting these tokens off the market from circulation ultimately results in making the demand more and supply less.
But it still has a long road ahead with a staggering supply of 589 trillion. The community driven approach is, in one word, decentralization. There is an increase in adoption of Shiba Inu.
Amid burning of Shiba Inu coins, there are talks about the Shibarium Mainnet Launch, as told by a Shiba Inu team member. Shiburam would be a layer-2 scaling solution for the Shiba Inu ecosystem.
Shiburum is also suspected to have used AI in its smart contracts. Resulting in automation with regards to transactions of tokens, which will ultimately result in a new and optimized form of new-generation tokens. It will be launched somewhere between Q2 and Q3 of 2023, as said by a popular influencer LUNA about Shiba Inu, ultimately resulting in increasing seriousness of meme coins. This would be a turning point as it will be considered a serious investment case in crypto.
Memes in NFTs and Coins
After the PEPE frenzy and a dramatic increase in prices the potential of meme coins was discovered. Which is based on the new and optimized ERC-20 token. Bringing us to the revolution in terms of interchain transactions, mainly the Cosmos network, in working on that potential.
In NFTs, there is a surge in the Meme Collections on different blockchains, resulting in a good sale of different tokens, which will motivate other innovators and creators as a whole.
Memecoins are community-driven, and the tokens based on Memes are based on a similar concept. These are only functional when many servers or nodes are involved, which promotes decentralization, ultimately handing the power of finance back to people.
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