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Shiba Inu Team Confirms Automated Shib Burn On Puppynet

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  • The Shiba Inu team has officially announced the start of the automated SHIB token burn.
  • The automated burn process is set to begin on the testnet, Puppynet, for thorough testing and optimization.
  • This pivotal development was revealed in the 11th edition of Shiba Inu Magazine.


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In a significant development for the Shiba Inu cryptocurrency, the team behind the popular digital asset has announced the commencement of an automated SHIB token-burning mechanism. 

This move, revealed in the latest edition of Shiba Inu Magazine, marks a pivotal step in the evolution of the cryptocurrency’s economic model.

Automated Burn System: A Game Changer For Shiba Inu

The introduction of the automated SHIB token burn is set to begin with its deployment on the testnet, known as Puppynet. 

This initial phase is critical for ensuring the efficiency and reliability of the system before its integration into the Mainnet. 

See Also: Shiba Inu Team to Automate SHIB Burns Amid Community Concerns

The development team emphasizes the importance of this testing phase, which will include multiple upgrades to optimize performance and enhance transparency.

This strategic shift to an automated process follows five manual SHIB burns conducted by the Shiba Inu team, which collectively removed over 43 billion SHIB tokens from circulation. 

These manual burns, which represented fees from transactions on the Shibarium blockchain, played a significant role in Shiba Inu’s economic strategy. 

The most recent burns eradicated 9.351 billion tokens, substantially reducing the SHIB token supply.

Impact On SHIB Tokenomics And Market Outlook

Implementing the automated burn mechanism will fortify the SHIB network’s economic model by strategically reducing the token supply. 

This could lead to an increase in the value of the Shiba Inu tokens. 

See Also: Shiba Inu Becomes The Second Most Traded Coin Beating Out Ethereum, Cardano, And XRP

The process, once live, will operate on a set of predefined rules, enhancing the efficiency and transparency of the token-burning mechanism.

The Shiba Inu team’s decision to transition from manual to automated burns marks a significant evolution in the cryptocurrency’s strategy. 

The team aims to inject dynamism into the token’s economy by automating the burn process, potentially influencing its market performance.



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Press Release

Five US Senators Sign Bill To Oppose Biden’s Digital Dollar CBDC Plan

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Five US senators, led by Senator Ted Cruz, have introduced a bill aiming to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC). 

This legislation, titled the “CBDC Anti-Surveillance State Act,” reflects concerns about potential government overreach and privacy violations associated with a digital dollar.

The senators, including Bill Hagerty, Rick Scott, Ted Budd, and Mike Braun, argue that a CBDC could be used for extensive surveillance of citizens’ spending habits and potentially even restrict access to funds. 

See Also: Biden’s New Rules For AI Could Affect AI Cryptocurrencies Like GRT, AGIX, FET

Senator Cruz emphasizes the dangers of “government-controlled programmable money” collecting personal data and enabling the freezing of funds.

The bill explicitly challenges the Federal Reserve’s authority to implement a CBDC. 

It proposes legislation from Congress as a prerequisite for any future issuance of such a digital currency, further ensuring the Federal Reserve remains a central bank and not a retail bank.

This move has received support from various organizations, including Heritage Action for America, the Blockchain Association, the American Bankers Association, and others.

Additionally, former President Donald Trump has publicly declared his opposition to a CBDC, promising to never allow its creation if re-elected.

With the introduction of this bill, the debate surrounding a potential digital dollar in the US intensifies. 

The coming months will likely see further discussions and potential revisions to the proposed legislation as the implications of a CBDC are carefully considered.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

 

#Binance #WRITE2EARN



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Buying Pressure From The US On Coinbase Fueled Ethereum (ETH) Rally: CryptoQuant

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Ethereum (ETH) has seen its price rally by 11% in the past week, driven primarily by buying pressure in the United States, according to data from CryptoQuant, a firm that tracks activity on cryptocurrency exchanges.

The data reveals a significant increase in demand for ETH from Coinbase, a US-regulated exchange. 

This surge is reflected in the “Coinbase premium,” which measures the price difference between ETH/USD pairs on Coinbase and Binance, a popular global exchange.

The rising Coinbase premium suggests that the upward trend for Ethereum may continue in the coming weeks. 

This indicator previously signaled price surges in the past, and its current rise hints at potential further growth.

See Also: Price Analysis: Ethereum (ETH) Surpassed $3k Resistance – What’s the Next Target?

The U.S. buying spree on Coinbase could be attributed to two factors. 

Firstly, experienced traders have been accumulating ETH since January, suggesting confidence in the asset’s long-term potential. 

Secondly, anticipation surrounding the potential approval of a spot Ethereum ETF in the U.S. might be fueling investor interest. 

As of now, several major investment firms have filed applications for launching such ETFs.

While the prospect of an ETF could lead to sustained growth for Ethereum, some traders believe it might not trigger explosive price increases. 

Currently, Ethereum is the second-largest cryptocurrency by market value, and an ETF could potentially attract more institutional investors, leading to a steadier growth pattern rather than sudden spikes.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN



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Bitcoin Surpassed The $60k Mark, Whale Activities Increase

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Bitcoin (BTC) has been consistently rising over the past few days and has just surpassed the $60k mark. 

BTC is up by 4.3% in the past 24 hours and is trading at $60,258.11 at the time of writing. The flagship asset’s market cap just surpassed the $1.15 trillion mark with a daily trading volume of $45 billion. 

According to data provided by Santiment, Bitcoin investors are taking over the crypto social media talking about the asset’s bullish momentum. 

BTC’s social volume increased by 131% since Feb. 24, per the data provider. 

See Also: Glassnode: Short-term Bitcoin Holders Are Flooding Crypto Exchanges As BTC Soar

The majority of the conversations, according to Santiment, include the terms “60k,” “ATH,” and “bullish.” 

This shows that some investors are currently expecting new all-time highs for the leading cryptocurrency. 

Following the price surge from the $50,000 mark, Bitcoin’s whale activity also recorded a notable increase. 

According to Santiment, whale transactions consisting of at least $100,000 worth of BTC surged from 8,267 to 16,885 unique transactions per day since Feb. 24.

When an asset’s whale activity quickly surges, high volatility is usually expected. 

Per Santiment, Bitcoin’s Relative Strength Index (RSI) is currently hovering around 80. 

The indicator suggests that the flagship crypto is currently witnessing high volatility due to greedy market conditions.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN



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