All is set in the Shiba Inu community to celebrate and honor Vitalik Buterin, Ethereum founder as the ecosystem marks the third anniversary of his historic burn of 410 trillion tokens out of the 500 trillion gifted to him in 2021. The SHIB community will celebrate the day, May 31 with the burning of 410 million KNINE tokens.
Continuing the Shiba Inu Burn Legacy
As per an X post, the official Shiba Inu account updated the community of its decision to continue the burn legacy by one of its partners. According to the post:
“Now, our partners, @K9finance pay homage with a 410M $KNINE burn on May 31st! The legacy of burns continues!”
The 410 KNINE burn decision was first put forward as a proposal with approximately 80% of community members voting to endorse the move.
Notably, the Shiba Inu community keeps the circulation of tokens tight and regulated by periodically sending tokens to dead wallets through its “burn” mechanism. The burn rate is crucial in rebooting the sentiment and outlook surrounding the Shiba Inu project. The overall impact is to keep prices bullish.
Shiba Inu’s Market Performance and June Predictions
In recent days, Shiba Inu’s market performance has witnessed a spike, temporarily overtaking Cardano in terms of market capitalization. The memecoin is currently in the 11th position with its market cap now pegged at $15,709,858,644 per data from CoinMarketCap.
Generally, the Shiba Inu community is excited about the price rally it has experienced lately. Proponent’s eyes are, however, set for a more ambitious price of $0.00006 as the bullish run persists. Recent predictions by crypto analytics platform Cryptorank, however, foretell of a bearish June for the dog-themed memecoin if historical precedence repeats itself this year.
As per historical trends, SHIB has always witnessed a dip in price in the month of June. In June 2021, the price dipped 4.75%, 12% the same month in 2022 and in June 2023, the price of SHIB declined by 11.5% to form a consistently bearish pattern.
With June 2024 around the corner, market watchers are closely observing how the performance of Shiba Inu will fare in the crypto market.
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