Shiba Inu Burn Rate Skyrockets Over 300% As Price Sheds A Zero
January 12 2024 - 4:00AM
NEWSBTC
The Shiba Inu burn initiative has been one of the most notable
developments this week that has gained the interest of the crypto
community, witnessing massive surges in its token burn rate in the
past few days. Shiba Inu Burn Rate On The Rise Data from Shiba Inu
burn tracker Shibburn shows that the SHIB burn rate has increased
significantly in the past 24 hours. According to the tracking
platform, the burn rate has witnessed a 395.43% uptick today,
January 12. The tracker reveals that over 18 million SHIB tokens
have been destroyed in the past 24 hours. The rise in burn rate
came in light of Shiba Inu experiencing a price rally which has led
to the token erasing another zero. Related Reading: Shiba Inu Burn
Rate Rises Rapidly In One Week, What’s Been Driving It? It is
noteworthy that three burn transactions were responsible for the
rise in burn rate today. Shibburn revealed that the three
transactions incinerated a total of 16.56 million SHIB tokens in
less than 8 hours. The first transaction carried out by the wallet
address 0x618ffd1cdabee36…3f21272bd7 saw about 7.77 million SHIB
tokens being burned. Additionally, another wallet address
0xab782bc7d4a2b30…f8f63ee1bc sent over 3.33 million SHIB to the
burn wallet five hours later. Meanwhile, the third transaction
initiated by the wallet address 0xa9d1e08c7793af6…7fb81d3e43
incinerated about 5.46 million SHIB tokens. Over the past few
days, the Shiba Inu burn rate has been recording major spikes. The
development seems to have caused quite a speculative frenzy within
the crypto space. On Tuesday, January 9, the tracking platform
recorded an increase in burn rate of over 28,000%. The surge was
caused by a burn transaction carried out by the Shiba Inu team. The
team sent a whopping 9.35 billion SHIB tokens valued at $92,553 to
the burn address. This marks the highest burn the team has
initiated since it started burning SHIB. SHIB Erases Another Zero
Post ETF Approval The majority of crypto assets are flashing green,
signaling a general upturn in the cryptocurrency market. The recent
approval of the Bitcoin Spot Exchange-Traded Funds (ETFs) by the
SEC is largely considered to be responsible for the upward trend.
Related Reading: Shiba Inu Price Enters Most Crucial Week In 1.5
Years, Here’s Why Prior to the approval of Bitcoin ETFs, Shiba Inu
was trading at a comparatively low value of $0.0000095. However,
after the approval, SHIB has witnessed a price increase, allowing
the token to shed another zero. The increase in SHIB price post-ETF
has garnered interest from investors and generated speculations
over the coin’s potential for long-term growth. Currently, SHIB is
trading at $0.000010, indicating a 0.60% decrease in the past 24
hours. However, the token’s trading volumes appear to be down in
the past day by over 12%, according to CoinMarketCap. Featured
image from iStock, chart from Tradingview.com
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024