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Shiba Inu’s growth in the NFT space might not give you goosebumps

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The Shiba Burn Portal, which has been responsible for burning Shiba Inu tokens has been a great help to the Shiba Inu community. However, the portal, of late, exhibited some issues.

The issue of not delegating rewards to Shiba burners was becoming a huge problem. The Shiba Swap team in lieu of these events decided to swoop in and take control of the Shiba Burn Portal to safeguard the community’s interests.


Here’s AMBCrypto’s Price Prediction for Shiba Inu for 2022-2023


The Shiba team bites back

In a blog post posted by the Shiba Inu team on 12 October, the team stated that they will be taking over the Shib burn portal.

Initially, the Shiba Inu team made multiple attempts to communicate with the Ryoshi Vision team, which was behind the Shib burn protocol so that they could resolve the issues.

After failing to establish a proper dialogue, the Shiba Inu team declared that ShibaSwap would be taking over the Shib Burn project. 

Speaking of ShibaSwap, Shiba Inu’s DeFi protocol did not witness much growth over the past weeks. In the last month, ShibaSwap’s Total Value Locked (TVL) depreciated significantly. And, it was at $21.99 million, at press time. 

Evidently, ShibaSwap still had a lot of room for improvement in the DeFi department.

Source: DeFiLama

On the other hand, Shiba Inu’s endeavors in the NFT space showed a lot of promising gains.

The Shiba Inu team’s NFT collection, SHIBOSHIS observed an increase of 3.24% in its floor price according to the NFT analysis website NFTGO.

The collection’s market cap also registered some growth and grew by 1.03% over the last month. However, the same couldn’t be said about its volume as it depreciated by 12.78% over the same period.

Source: NFTGO

Shiba Inu’s growth in the NFT space, however, did not translate into its growth in the social media space. According to LunarCrush, Shiba Inu’s social mentions depreciated by 12.77%. And, its social engagements also fell by 1.75% over the last week.

The meme coin, at the time of press, was trading at $0.000009546 after depreciating by 7.62% over the past 24 hours.

Its market cap followed suit and decreased by 7.63%. However, its volume grew by 72% in the last 24 hours which could be considered as a positive signal.

Investors should consider looking into Shiba Inu’s declining burn rate and other developments as well before getting into a trade.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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