Shiba Inu, the self-proclaimed “Dogecoin Killer,” has witnessed a remarkable surge in its token burn rate, surpassing an impressive 145%.
This significant development has caught the attention of the cryptocurrency community, shedding light on the project’s efforts to increase scarcity and potentially elevate the value of its remaining tokens.
In conjunction with this burn rate surge, Shiba Inu’s lead developer, Shytoshi Kusama, has introduced a novel Self-Sovereign Identity (SSI) solution, aiming to empower users and enhance their control over online identities within the Shibarium Layer 2 platform.
Over the span of just 24 hours, Shiba Inu’s burn mechanism, aptly named Shiburn, has facilitated the transfer of a staggering 92 million SHIB tokens to “inferno” wallets.
This strategic move effectively eliminates these tokens from circulation permanently. Notably, a singular transaction involving 34,547,609 SHIB tokens was directed to a dead wallet, adding to the heightened burn rate.
This deliberate reduction in circulating tokens seeks to create scarcity, potentially contributing to an upward shift in the token’s value.
Simultaneously, Shytoshi Kusama, the driving force behind Shiba Inu’s development, has introduced a groundbreaking Self-Sovereign Identity (SSI) solution within the Shibarium Layer 2 ecosystem.
This innovative approach signifies a significant step forward in user empowerment. At its core, SSI empowers individuals to retain full control over their online identities, mirroring the concept of carrying physical identification in a wallet.
Unlike the conventional practice of relinquishing personal information to various online platforms, SSI allows users to safeguard their data, fostering a heightened sense of privacy and security.
The introduction of the Self-Sovereign Identity solution is a testament to Shiba Inu’s commitment to innovation within its Shibarium Layer 2 platform.
This platform, built upon the foundations of blockchain technology, seeks to provide an efficient and scalable environment for various decentralized applications and solutions.
With the incorporation of SSI, Shiba Inu aims to further differentiate itself from its counterparts by empowering users to exercise greater control over their digital identities.