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.
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.
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.