Shiba Inu, also known as SHIB, is a meme cryptocurrency that has recently gained a lot of popularity in the cryptocurrency market. Like every cryptocurrency, the Shiba Inu burn rate plays a very important role in determining its real value and how it started.
Burning any cryptocurrency means taking out some of the coin tokens from the market for good or forever. Owners of the Shiba Inu tokens bear the brunt, as the price at which these tokens are eliminated continues to be determined by the market. For those who want to stay on top of developments about SHIB or those who hold SHIB, this Shiba Inu burn rate clarification is a great assistance.
What is Shiba Inu Coin?
Shiba Inu is a meme coin that is used for transactions that are only online based. This was designed purely for a fun and interesting project based on the Shiba Inu breed of the dog. Very shortly, the coin started to gain significant attention on social media platforms.
It is, however, mostly based on this other category of cryptocurrency named Ethereum. The uniqueness of this Shiba Inu coin is that it has nothing to physically support it, like gold. The value of this above coin is not tied, or tied solely to the face on it, but with what people feel or think as its value.
For instance, if many individuals show concern about this coin, then the price will definitely increase. They also developed a solution called Shibarium to make transactions with Shiba Inu Coin quicker and more cost-effective.
But how does shiba inu operate ? To read more about this read our blog here
