Shiba Inu (SHIB) has been actively pursuing its deflationary strategy throughout July. The community has significantly reduced the token supply, burning over 379 million SHIB tokens in the past month. While this figure is not particularly large compared to the previous months, it still proves that the community is dedicated to bringing down the overall token quantity.
Shiba Inu has already eliminated 410,727,787,201,774 SHIB tokens from circulation, leaving a total supply of 583,407,766,765,581 SHIB tokens. This decrease will promote scarcity and perhaps affect SHIB’s market value by tightening the supply-demand balance.
Also Read: Shiba Inu (SHIB) Records a Sharp Increase of Raw Merchants’ Orders in Q1, 2024
Shiba Inu Expands Ecosystem with New Game and Utility Developments
At the same time, Shiba Inu offers the development of its ecosystem by launching the Shiba Eternity game on Shibarium. Currently, LEASH token holders have full access to the game for testing, but later, it will be opened for all Shib gangs. This new game is still under the broader strategy of Shiba Inu to make developmental changes to increase user interaction and the[token value].
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Also, the current leading developers of Shiba Inu are trying to develop numerous utility applications for Shibarium. This application will be beneficial for added value purposes and cement the utilization of SHIB tokens across the ecosystem.
Despite these positive initiatives, SHIB is currently experiencing a downturn. As of the latest update, SHIB is priced at $0.00001596, reflecting a 2.56% decrease over the past 24 hours. This decline shows that Cryptocurrency trading is very unpredictable, hence the problems Shiba Inu has encountered in its attempt to initiate another uphill trend.
Conclusion
The burning of tokens as well as the development of new games and use cases for SHIB serves as surefire ways of increasing the value of SHIB. But all this will be short-lived because the recent event depicts the market as volatile and rather insensitive to maintain, let alone raise prices. It can, therefore, be argued that the effectiveness of Shiba Inu’s strategies is still uncertain because they are yet to be available to the public domain, and more so now that it is unfolding its strategies.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.