Shiba Inu (CRYPTO: SHIB) is riding the GameStop frenzy and is further buoyed by optimism from the ecosystem's strong metrics.
What Happened: K9 Finance DAO, Shiba Inu's official liquid staking partner, has initiated a new proposal that could result in the burning of 410 million KNINE tokens. This move is part of its effort to honor Ethereum co-founder Vitalik Buterin, who burned 410 trillion SHIB (41% of circulating supply) in May 2021. This action sparked a surge in SHIB's price, driving it to all-time high levels in October 2021.
K9 Finance stated that it would acquire the 410 million KNINE from the tokens allocated for marketing purposes within the treasury. However, for the burn process to proceed, community members are required to vote for the proposal.
The proposal, created on May 13, will conclude on May 18. Currently, the majority have voted in favor of burn process.
Additionally, K9 Finance has proposed plans to invest its ETH and stablecoins held within the Treasury to earn passive income on platforms such as Lido Finance, Aave and MakerDAO.
Also Read: What Does Technical Analysis Say About Dogecoin And Shiba Inu?
Why It Matters: Shibburn data revealed a 200% burn rate increase, with 11.96 million coins burned in a single transaction around 13 hours ago. Another transaction involved the burning of 14.45 million coins around 17 hours ago.
Shibariumscan data highlights an increase in active accounts to 1,386 as of May 13, from 794 as of May 12. New accounts also spiked to 88 from 21. Meme coins are witnessing a price rally and growth in key metrics following the return of Roaring Kitty.
IntoTheBlock data highlights a 2,315% growth in large transaction volume while transactions greater than $100,000 surged to 280 from 14 in a single day. Daily active addresses increased by 7.6% to 4,740.
Price Action: At the time of writing, SHIB was trading at $0.00002371, down 0.5% on the day.
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
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