Amidst a flurry of advancements witnessed across the cryptocurrency realm recently, Shiba Inu, a renowned meme coin, showcased a cyclone of breakthroughs with notable developments across its ecosystem, nabbing significant attention among crypto market enthusiasts. Among these developments illustrated by the meme coin’s community, Shytoshi Kusama, Shiba Inu’s lead developer, spotlighted key upgrades for the ecosystem’s tokens’ burn mechanism and the recently launched NFT initiative, SHEboshi.

Meanwhile, Shiba Inu traded in the green today, mirroring optimism aligning with the community’s recent developmental endeavors. Bone and Leash prices simultaneously noted an uptick, falling in line with Kusama’s upgrades announcement.

Kusama Spotlights “Token Torches & SHE Salute”

In a post shared by Shiba Inu’s lead developer on X, Kusama drew attention to remarkable new upgrades in the Shiba Inu ecosystem. According to this post, Kusama stated, “Today we torched a woof of SHIB, Bone and Leash while adding liquidity to SHEB!” sparking immense curiosity among crypto market traders and investors globally.

There you have it. https://t.co/4KinbMCyjc

— Shytoshi Kusama (@ShytoshiKusama) March 9, 2024

Intriguingly, in what the developer calls Shiba Inu’s best week so far, the meme coin surpassed some of the most renowned altcoins, paving its way for a potential entry into the top 10 coins by global market cap. Although the coin currently stands at the eleventh position, the community hopes to move strongly into the top 10.

The recent launch of SHEboshi, an ERC-20 token, further added to the wave of optimism for Shiba Inu this week, coming as a remarkable achievement spotlighted by Kusama.

Aligning with all this, the developer listed vital details on Shibarium burns and recently added SHEB (Sheboshi) to the liquidity pool in ShibaSwap.

The developer’s post claimed that the community eyes burning 92 ETH in SHIB while successfully mitigating any losses while moving from Bone to ETH. Moreover, keeping in mind International Women’s Day, the community stated that it “took care” of SHEboshis, purchasing $38,894 worth of SHEB and then adding $69,280 worth of ETH and $38,000 in SHEB to the liquidity pool in ShibaSwap.

Notably, the lead developer’s post also shed light on the community’s operating income. With a total income of approx 600ETH, split in half (300 ETH) since a certain amount is dedicated to the community, a share of 10% is allotted to non-profits and burns ((6% Shib, 1% Bone, 1% Leash, 1% Treat, 1% Shi), whereas 15% is allotted to the ecosystem’s Foundation and Team, per the post. Intriguingly, this also marks the first Leash burn ever.

With these abovementioned developments and revelations weighing in, Shiba Inu rode a tidal wave of optimism today. In the interim, a hint towards an imminent Shib Token Torch product was also spotlighted in Kusama’s post, adding up to the optimism orbiting the meme coin.

Also Read: Ripple Labs Bags 2 Executives Amid Growing IPO Rumors

Shiba Inu Price Soars

As of writing, the Shiba Inu price noted a substantial uptick of 6.64% over the past 24 hours and is currently trading at $0.00003615. With a staggering 82,89% weekly surge, the meme coin reflected the lead developer’s best week.

Furthermore, its ecosystem’s tokens, Bone and Leash, also rallied remarkably over the past week, surging nearly 50% and 100%, respectively, falling in line with the abovementioned developments.

Also Read: Grayscale, Coinbase Make Headway in Ether ETF Approval Bid

The post Shiba Inu Lead Spotlights Key Upgrades For SHEboshi & Burn appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am