Shiba Inu’s Burn Rate Soars Over 300% as Price Drops a Decimal

Shiba Inu

Last Updated on 2 months by cryptoevent

The Shiba Inu burn initiative has emerged as a significant development this week, capturing the attention of the crypto community with substantial increases in its token burn rate in recent days.

Rising Shiba Inu Burn Rate

Shibburn, a Shiba Inu burn tracker, reports a remarkable surge in the SHIB burn rate in the last 24 hours. According to the tracking platform, the burn rate experienced a remarkable 395.43% increase on January 12.

The data reveals that more than 18 million SHIB tokens were obliterated in the past day. This surge in burn rate coincided with Shiba Inu’s price rally, resulting in the token shedding another zero.

Notably, three burn transactions were responsible for the spike in burn rate. Shibburn disclosed that these transactions annihilated a total of 16.56 million SHIB tokens in less than 8 hours.

The initial transaction, conducted by the wallet address 0x618ffd1cdabee36…3f21272bd7, witnessed the incineration of around 7.77 million SHIB tokens. Additionally, another wallet address 0xab782bc7d4a2b30…f8f63ee1bc sent over 3.33 million SHIB to the burn wallet five hours later.

Simultaneously, the third transaction, initiated by the wallet address 0xa9d1e08c7793af6…7fb81d3e43, obliterated about 5.46 million SHIB tokens.

Over the past few days, the Shiba Inu burn rate has seen significant spikes, creating a speculative frenzy within the crypto space.

On January 9, the tracking platform recorded an astonishing 28,000% increase in burn rate, triggered by a burn transaction executed by the Shiba Inu team. The team sent a substantial 9.35 billion SHIB tokens, valued at $92,553, to the burn address, marking the highest burn initiated by the team since the start of SHIB burning.

SHIB Removes Another Zero Following ETF Approval

Most crypto assets are displaying positive trends, indicating a general upswing in the cryptocurrency market. The recent approval of Bitcoin Spot Exchange-Traded Funds (ETFs) by the SEC is widely considered responsible for this upward trajectory.

Before the approval of Bitcoin ETFs, Shiba Inu was trading at a comparatively low value of $0.0000095. However, post-approval, SHIB has witnessed a price increase, leading to the removal of another zero.

The surge in SHIB’s price following the ETF approval has attracted investor interest and sparked speculation about the coin’s potential for long-term growth.

Currently, SHIB is trading at $0.000010, reflecting a 0.60% decrease in the past 24 hours. However, the token’s trading volumes appear to be down by over 12% in the last day, according to CoinMarketCap.