Shiba Inu Intensifies Token Burn as ShibTorch V2 Evolves
- Shiba inu token burn exceeds 1 billion.
- ShibTorch V2 makes the burning process easier and faster.
- Shib OS expands engagement and decentralization.
Shiba Inu cryptocurrency, known as the second largest meme coin on the market, has recorded a increase a staggering 7.200% in its burn rate over the past 24 hours. This acceleration resulted in the elimination of over 1,1 billion tokens, which were sent to an irreversible address, indicating an ongoing effort to decrease the coin’s circulating supply.
While the dollar value of the tokens burned is considered low, this strategy could make SHIB rarer and potentially increase its value in the future, especially if demand remains or grows. Additionally, analysis of exchange flows reveals that Shiba Inu outflows have outpaced inflows over the past week, signaling a possible preference among investors to move their assets to private wallets, which could reduce immediate selling pressure.
Although the price of Shiba Inu has dropped by around 4% over the past week, currently trading at $0,0000196, the community remains optimistic about technical and operational developments.
In this article, we will discuss:
- ShibTorch V2 Evolves
- Technical Analysis of SHIBA INU Today
ShibTorch V2 Evolves
The ShibTorch V2, more recent The network’s technological upgrade stands out not only as a token burning tool, but also as a direct enabler for community engagement. Integrated with Shib.io, ShibTorch V2 has made the burning process directly accessible to users, simplifying token transition with a new POS bridge that reduces the process from three steps to two.
The improvements don’t stop there; ShibTorch V2 introduces advanced swap routing with support for both ShibaSwap V1 and V2. This advancement ensures that the conversion of BONE to SHIB happens under the most favorable conditions, increasing the efficiency of token burns.
Additionally, from a security perspective, the new version employs ReentrancyGuard to protect critical operations and features an emergency pause mechanism, which allows administrators to interrupt the process if necessary, strengthening system reliability.
ShibTorch V2 is not just an isolated upgrade, but part of a larger plan within Shib OS, an initiative that aims to further decentralize the Shiba Inu ecosystem and strengthen community participation, making it a central piece in the governance and sustainability of the project.
Technical Analysis of SHIBA INU Today
The Shiba Inu token (SHIB), one of the most popular cryptocurrencies in the meme coin segment, has seen a 4% increase in its price in the last 24 hours, reaching the $0,00001953 mark. Given this positive scenario, the analysis carried out by @CryptooELITES , an influential cryptocurrency analyst with over 250 Twitter followers, points to an even brighter future for SHIB.
According to the released technical analysis, the price targets for SHIB are:
- First target: $0.000085171
- Second target: $0.000183312
- Third target: $0.000472905
These targets suggest potential upside ranging from 336% to a whopping 2322% from the current price. The first target indicates a more than three-fold increase from the current value, while the third target points to a jump that could multiply the value of SHIB by more than twenty times.
The analysis points to the decline in Bitcoin dominance as a catalyst for this potential rise. As Bitcoin remains stable above $105, altcoins like Shiba Inu may gain more visibility and attract a larger volume of investments.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Crypto Analyst Predicts Extended Bull Run, Bitcoin and Ethereum Eye Record Highs
Ross Ulbricht donation wallet enjoys perfect PvE moment
The crypto experience has changed a lot in the past 12 years
No Relief to Crypto in India’s Budget 2025; 30% Tax to Retain
Ethereum in wartime: Standardize, align, accelerate
Optimism’s Ben Jones highlighted the difference between peacetime and wartime Ethereum