Prominent blockchain tracker Shibburn has revealed a staggering rise in the SHIB burn metric with millions of meme coins transferred out of circulation.
Meanwhile, the price continues moving sideways, holding in the $0.00001571 range, after the 6.22% decline faced at the start of the week. Overall, since February 4, SHIB has been striving to break above the $0.00001655 resistance. Last time the coin came really close to that level was February 11.
SHIB burns spike 389%
The data source mentioned above has revealed a massive increase in the daily SHIB burn metric. Over the past 24 hours, the loyal community of the second-largest meme-inspired cryptocurrency has managed to propel the burn rate to a 389% increase.
That was achieved thanks to the total of 16,479,283 SHIB burned. The largest single transaction burned 13,717,986 SHIB, and the second largest carried 2,026,165 SHIB.
HOURLY SHIB UPDATE$SHIB Price: $0.00001571 (1hr 0.89% ▲ | 24hr -3.82% ▼ )
Market Cap: $9,256,702,638 (-3.78% ▼)
Total Supply: 589,255,583,299,874TOKENS BURNT
Past 24Hrs: 16,479,283 (389.77% ▲)
Past 7 Days: 61,082,353 (-94.82% ▼)— Shibburn (@shibburn) February 12, 2025
According to the same tweet published recently, over the past seven days, the SHIB army has burned 61,082,353 SHIB but the burn rate dropped by 94.82%.
SHIB team announces “Doggy DAOs” coming soon
According to a recent tweet published by the Shibarium Updates account, the SHIB team plans to introduce DAOs (decentralized autonomous organizations) into the SHIB ecosystem. DAOs will enable the SHIB community to make proposals and vote on important decisions that will shape the SHIB Network State in the future.
The tweet enumerated particular DAOs that are planned to be launched in the future – they will be named after the main tokens that help run the ecosystem: SHIB, BONE, LEASH, and TREAT.
Shib Ecosystem DAOs: The Future of Decentralized Governance
In the near future, the Shib Ecosystem will introduce decentralized autonomous organizations (DAOs), allowing the community to propose and vote on key decisions that shape the network state.
The Doggy DAOs: A New Era… pic.twitter.com/9yF9Wv9G4A
— Shibarium Updates 📢 (@Shibizens) February 11, 2025
The SHIB DAO will deal with the collective voice of SHIB holders. The BONE DAO will be overseeing issues related to gas fees (paid in BONE) and other matters related to the protocol. The LEASH DAO will be about “ensuring the security and integrity of community assets.” Finally, the DAO based on the most recently launched token TREAT will be focused on “on innovation and resource allocation for community-led projects.”
The tweet underscored that voting via those DAOs will be open to everyone and not only large token holders as it is done on other blockchains. Besides, users will be able to increase their voting power by earning Karma Points through making meaningful contributions. “This ensures true decentralization, preventing financial influence from dominating governance,” according to the announcement.
