Shib Token has announced a new feature to revamp the transfer of Ethereum based NFT. According to the official announcement by the ecosystem, for the smooth transfer of Ethereum-based NFTs, Shib Inu has launched a NFT bridge for its layer-2 blockchain, Shibarium.
Now users can transfer Ethereum-originated NFTs to Shibarium with ease, alongside more options for trading and exhibiting.
The news comes with the backdrop of Shiba Inu prices rising, with the token trading at $0.00001827, up 7.61% as compared to the same time last day.
NFT Bridge Likely To Give Shiba Inu Edge Over Others
NFTs or non-fungible token have gained huge traction in the blockchain and crypto community recently. More and more investors are looking into NFT transactions, making Shiba Inu’s move in tandem with the market timing.
By making the token available to a larger user base and giving them access to better features like reduced transaction fees and quicker transaction times, NFT bridging can help increase the token’s liquidity.
The feature can also help increase the In the context of NFTs, it can also help with better interoperability for investors. Interoperability refers to the capacity of various NFTs and NFT platforms to cooperate and exchange information.
One example of this would be the ability to move NFTs between platforms, use them as currency or collateral on another platform, or retrieve details about an NFT on one platform from another.
Increased flexibility and versatility in the use of NFTs, as well as the ease with which NFT holders can use their assets in a range of situations, are the objectives of NFT interoperability.
Also read: Shiba Inu Unveils ShibaSwap 2.0 With Enhanced Features & Flexible Rewards
Shiba Inu Burn Rate Rises Over 300%
The announcement of the new bridge facility also comes amid a rising burn rate for Shina Inu toke. A coin burn rate is the rate at which a cryptocurrency’s tokens are removed from circulation through a process called “coin burning”
The last day saw a 305% increase in Shiba Inu’s burn rate, which contributed to the coin’s slowing pressure.
At present, price indicators show that the current sentiment for the coin is bullish, and the Fear & Greed Index is currently at 69 (Greed). During the previous 30 days, Shiba Inu had 13/30 (43%) green days and 4.18% price volatility.
One well-liked indicator for determining if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum wave. The SHIB market is in a neutral position at the moment, as indicated by the RSI value of 54.47.