SHIB Price Shoots by Over 11% after Shiba Inu Introduces Shibacals

SHIB Price Shoots by Over 11% after Shiba Inu Introduces Shibacals

UTC by Bhushan Akolkar · 2 min read
SHIB Price Shoots by Over 11% after Shiba Inu Introduces Shibacals
Photo: Shibacals

Shibacals will make use of the NFC chips in order to authenticate physical items digitally.

The Shiba Inu developers are currently on an interesting development dubbed ‘Shibacals’ to link real-world assets to non-fungible tokens (NFTs) and thus help improve their ownership, as part of their Shibarium rollout.

As we know, Shibarium is Shiba Inu’s Layer-2 scalability platform with a focus on the Metaverse as well as non-fungible tokens (NFT) applications. Shibarium will operate with the Shiba Inu SHIB token as well as BONE and LEASH tokens. The developers stated that the Shibarium blockchain will go live later this year.

During an update on Thursday, June 22, Shiba Inu’s lead developer Shytoshi Kusama that “Shibacals: Authenticated Collectibles” will employ NFC chips in order to authenticate physical items digitally. This would further help to boost the value of these digital collectibles. The Near Field Communication (NFC) devices facilitate wireless interaction over a short distance.

The use of Shibacals will be to generate a tag for a real-world product, and tied to the users’ NFT collection in a way that represents the ownership of the physical product. At the time of resale, users can verify these tags on the blockchain network so that buyers can differentiate between original products and duplicate ones. In an update, Kusama explained:

“The NFT craze is, in part, due to the verifiable ownership and scarcity that digital items on the blockchain offer. But, what about physical objects? As mass adoption unfolds (preferably on Shibarium), and scammers move from wallets to tangible items, how will we authenticate these items?”

He further explained that the use of Shibacals tags won’t be limited to the Shibarium ecosystem alone, but rather they could be used to verify products on any other blockchain.

SHIB Price Jumps 11%, Burn Rate Spikes 7000%

Amid the current developments, the price of Shiba Inu’s native cryptocurrency SHIB has skyrocketed by 11% and is currently trading at $0.00000815 per SHIB. The recent SHIB price rally has been supported by multiple reasons such as the sharp recovery in the broader cryptocurrency market as well as the surge in the SHIB burn rate.

The burn rate has surged by a staggering 6936.88%, reflecting a rapid decrease in the token supply. In the last 24 hours alone, an astonishing 341,504,230 $SHIB tokens were burned.

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