Shiba Inu Rallies on Token Burning, While Cardano’s Transaction Volumes Surges to Second Place May 31, 2022 May 31, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMay 31, 2022 by Kelly Cromley

Shiba Inu Rallies on Token Burning, While Cardano’s Transaction Volumes Surges to Second Place

Since Monday, the Shibburn site, which monitors transactions involving Shiba Inu burns and regularly wipes out meme coins itself, has logged over 2.4 billion Shiba Inu that are locked in wallets where they cannot be used. In the meanwhile, the price of a Shiba Inu has seen an increase of more than 14 percent. A total of 2,417,015,301 canine tokens have been relocated to two dead-end wallets and removed from the circulating supply, according to a tweet published by Shibburn. This action took place over the course of the last seven days. It took a total of 236 trades to burn up this massive hoard of Shiba Inu.

At the current currency rate, this is equal to $29,270 in United States dollars. Over the course of the last week, the daily burns of SHIB recorded by Shibburn, which were covered by U.Today, occasionally reached over half a billion tokens. U.Today reported on Friday that a business venture known as @shib superstore had announced that its online shop, which sells mobile phone games, Shib-branded merchandise and goods, had been selected for an affiliated program of Amazon and that it would begin on a regular basis to use some of the profits from that venture to buy and burn Shiba Inus.

Initially, this initiative burnt SHIB on the 15th of every month; however, they have recently started conducting burns more regularly, and now they do so every Sunday. Since May 29, the price of Shiba Inu has increased by more than 14 percent, going from $0.00001081 to $0.00001236. This represents Shiba Inu’s position as the second-largest meme currency in terms of market value. During the time that I was writing this post, the price of Shiba Inu was practically exactly the same as it had been at the previous closing.

The whole cryptocurrency market began to surge up, which pulled smaller-cap currencies such as Shiba along with it. Bitcoin prices have increased by 4.20 percent, now standing at $31.967, while Ethereum prices have increased by 4.4 percent, currently hovering at $1,981. The price of ADA has increased by more than 24.6 percent and is now at $0.645122. Recent statistics have shown that there are actions that have been observed on the Cardano blockchain network, despite the network having been criticized for a long time for not having the same activities.

Charles Hoskinson handed out the data publicly when he was looking over the transaction volumes in the previous twenty-four hours across the main blockchains. This evidence would put an end to the accusations of detractors who believe that the Cardano blockchain has ghost activity. Charles Hoskinson, who is the co-founder and CEO of the company that is responsible for the research and development of Cardano (Input Output Global or IOG), was looking over the data on the 29th of May, which was a Sunday.

According to the findings of the research conducted by Messari, Charles Hoskinson demonstrated that Cardano had a transaction volume of $9.57 worth in just 24 hours. This places it in second place among blockchain networks, behind only bitcoin, and even higher than Ethereum, which is currently in second place among blockchain networks.

For the sake of comparison, at the same period of time that Cardano had a trading volume in 24 hours of $9.24 billion, Bitcoin’s blockchain network had $10.32 billion, and the second-largest cryptocurrency blockchain network had $2.52 billion. Charles Hoskinson, who has been hearing for a long time where Cardano blockchain detractors have been labeling the blockchain network a “ghost chain” on several occasions for a long time now, may have found these analytics to be a comfort. Hoskinson has been listening for a long time.

The Cardano blockchain has been subjected to assaults of this kind, which have continued even after the facts have been made public. For example, on May 30th, a user on Twitter said that although he is not a fan of centralized database blockchains like Solana, he is calling Cardano a boomer ghost chain and that at least Solana has activities on its blockchain and there are no arguments about it. This user was referring to the fact that Solana is the only blockchain that has activities on it.

Such debates are nothing new for Cardano, where one of the most outspoken detractors of the blockchain network is a founding board member of Eaglebrook Advisors named Mike Alfred, who seems to take pleasure in taunting the Cardano network and its community. On several occasions, he has said that the Cardano network does not have any kind of virtual traffic.

Before, he was heard stating that there were still some leftover signals of excitement and speculations in the market. This was something that he had been heard expressing earlier. As an example, he used Cardano to demonstrate his point by criticizing the cryptocurrency by stating that no one utilizes blockchain networks, despite the fact that its price had increased by 10%. According to what he indicated, Cardano’s price would be 98 percent lower if it were just traded on its fundamentals.

Both Solana and Polkadot have seen increases, with Solana seeing roughly 2.5 percent and Polkadot seeing 0.5 percent. There has been a 32,000 rise in the number of households that are home to Shiba Inus since the beginning of May, and the total number of these households is currently 1,172,506. The “Dogecoin killer,” SHIB, has lately been adopted as a payment mechanism by a number of significant firms in the United States and throughout the world, which is helping to promote its popularity. By using the BitPay cryptocurrency payment processor, DOGE has often been embraced alongside SHIB, Bitcoin, Ethereum, Litecoin, and other leading cryptocurrencies.

XcelTrip and NOWPayments, in addition to Switchere, Jamestown, and others, are examples of recent collaborations that have contributed to an increase in SHIB use.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.