Shiba Inu experienced a sudden 1000% increase in its burn rate, resulting in the permanent removal of 164 million SHIB tokens.
Key Points
- Shiba Inu experienced a sudden 1000% increase in its burn rate, leading to the irreversible removal of 164 million SHIB tokens.
- The dramatic burn followed substantial withdrawals of SHIB tokens from crypto exchanges Binance and MEXC to two previously dormant wallets.
- The Shiba Inu development team has made significant progress with the renouncing of the Bone contract and is in the final stages of minting the remaining BONE supply.
- The SHIB price experienced a minor drop, trading at $0.000007228, a decrease of 0.33% in the last 24 hours.
In a notable event for Shiba Inu (SHIB/USD), the cryptocurrency has witnessed an astronomical surge in its burn rate, escalating by 1000% within a single day, as per the Shiba Inu burn tracker, Shibburn. This escalation was triggered by the removal of a colossal 164 million SHIB tokens from circulation permanently.
Thursday, September 21, marked a remarkable week for #shib as its burn rate surged by an astounding 6277% within just 24 hours, as reported by the Shiba Inu burn tracking site Shibburn. pic.twitter.com/Po06UIO22g
— melly (@Shib_hodl_) September 24, 2023
SHIB Burn Rates
The startling development was accompanied by considerable withdrawals of SHIB tokens from the crypto exchanges, Binance and MEXC, to two inactive wallets, named “0x6ab” and “0xA75”. At prevailing market values, the wallets are now housing over $500,000 in SHIB, marking the emergence of new whales in the Shiba Inu market.
In related developments, the Shiba Inu development team has been making headway in the renunciation of the contract of Bone (BONE/USD), ShibaSwap’s gas token. The team is on the brink of concluding the minting process for the residual BONE supply after initiating decisive steps last week. Subsequent to the completion, rewards related to BONE on the ShibaSwap platform will cease and will be reallocated to a new token named “TREAT”.
Concluding Thoughts
The extraordinary rise in the burn rate of Shiba Inu has made ripples in the cryptocurrency world and showcases the dynamic and unpredictable nature of the crypto market. This occurrence underlines the importance of meticulous market observation and cautious investment decisions for stakeholders.
The ongoing developments and strategic decisions by the Shiba Inu development team signal a possible evolution in the ecosystem of the token. Investors and enthusiasts should remain informed about the continuous advancements and modifications in the Shiba Inu platform and be wary of the potential impacts and opportunities that such changes may bring to the forefront of the cryptocurrency sector.
In this highly volatile and rapidly changing crypto environment, prudence, awareness, and adaptability remain crucial for navigating through the market
