The Shiba Inu burn initiative has been one of the most notable developments this week that has caught the attention of the crypto community, with its token burn rate seeing a huge jump over the past few days.Thank you for reading this post, don't forget to subscribe!
Shiba Inu burn rate increasing
Data from Shiba Inu burn tracker Shiburn shows that the SHIB burn rate has increased significantly over the past 24 hours. According to the tracking platform, today, January 12, the burn rate has seen an increase of 395.43%.
The tracker shows that over 18 million SHIB tokens have been destroyed in the last 24 hours. The increase in burn rate comes after Shiba Inu experienced a price surge that caused the token to wipe out another zero.
It is noteworthy that three burn transactions were responsible for the increase in burn rate today. Shiburn revealed that three transactions destroyed a total of 16.56 million SHIB tokens in less than 8 hours.
The first transaction made by wallet address 0x618ffd1cdabee36…3f21272bd7 burned approximately 7.77 million SHIB tokens. Additionally, another wallet address 0xab782bc7d4a2b30…f8f63ee1bc sent more than 3.33 million SHIB to the burn wallet five hours later.
Meanwhile, about 5.46 million SHIB tokens were destroyed in a third transaction initiated by wallet address 0xa9d1e08c7793af6…7fb81d3e43.
For the past few days, a large increase in the rate of burning of Shiba Inu is being recorded. This development appears to have created quite a speculative frenzy in the crypto sector.
On Tuesday, January 9, the tracking platform reported an increase of more than 28,000% in the burn rate. This surge was caused by a burn transaction conducted by the Shiba Inu team.
The team sent 92,553 billion SHIB tokens worth $9.35 to the burn address. This is the largest burn the team has initiated since it began burning SHIB.
SHIB wipes out another zero post ETF approval
Most crypto assets are flashing green, indicating a general bullishness in the cryptocurrency market. The recent approval of Bitcoin spot exchange-traded funds (ETFs) by the SEC is largely responsible for the rally.
Before the approval of the Bitcoin ETF, Shiba Inu was trading at a comparatively low price of $0.0000095. However, following the approval, SHIB has seen a surge in price, allowing the token to sink another zero.
The rise in SHIB price following the ETF has increased investor interest and speculation on the long-term growth potential of the coin.
Currently, SHIB is trading at $0.000010, which represents a decrease of 0.60% over the last 24 hours. However, according to CoinMarketCap, the token has seen trading volume decline by more than 12% over the past day.
Featured image from iStock, chart from tradingview.com
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