According to the Public Burn Tracker Shibburn, a significant amount of Shiba Inu tokens (SHIB) was moved into a “digital incinerator” within the last day. Notably, the rate of burning has increased by four digits as well.
Burn rate soars by 2,221%
As reported by Shibburn, the SHIB community transferred approximately 21 million SHIB tokens to non-spendable blockchain addresses over the past day. This action led to an impressive increase of 2,221% in the daily burn rate.
To date, a total of seven transactions have ended up in non-functional wallets. The biggest transfers took place approximately nine and eleven hours ago, with values of 18,973,108 and 1,000,000 SHIB respectively.
1-hour Shiba Inu Update:
* Shiba Inu Price: $0.00002134 (an increase of 0.31%) over the past hour and a rise of 0.75% in the last 24 hours.
* Market Cap: Currently at $12,555,328,831, representing a 0.12% growth.
* Total Supply: A whopping 589,256,928,753,831 tokens in circulation.Tokens Burned:
* Over the past 24 hours, 21,000,740 Shiba Inu tokens have been burned (a significant increase of 2221.83%).
* However, over the past seven days, there has been a decrease in burning, with 80,120,510 tokens being burnt (-3.97%).— Shibburn (@shibburn) January 14, 2025
Despite this, numerous members within the Shiba Inu community have been advocating for larger token burns from the Shiba Inu team. They argue that a significant increase in the burn rate, ranging from 30% to as high as 90%, could trigger an upward price movement for Shiba Inu and potentially lead to dramatic growth.
Contrary to speculation, the Shiba Inu team claims they don’t have control over the burn keys. Higher token burns can be facilitated through increased usage of Shibarium, their proposed layer-2 solution for SHIB. As more transactions occur on it, gas fees are accumulated and a portion of these fees is automatically converted to SHIB from BONE, which is then burned off.
SHIB market performance
In the last day, the value of Shiba Inu (SHIB), currently the second most valuable meme cryptocurrency, has rebounded by nearly 6%, returning to approximately $0.00002122. This recovery helped SHIB prevent a significant drop in price.
On Monday, the well-known meme token experienced a decline of over 9%, dropping from approximately 0.00002202 USD to 0.000020 USD. In contrast, SHIB was valued at 0.00002273 USD on Saturday. The price decrease that bottomed out the previous day amounted to over 12%.
TREAT hitting multiple crypto exchanges upon launch
The main developer of Shiba Inu has published several updates on prominent cryptocurrency platforms like MEXC, KuCoin, BitGet, SuperEx, and more, indicating that the latest token in the Shiba Inu ecosystem, TREAT, will be listed. The official release date is set for today, January 14th.
This token, known as TREAT, serves to strengthen the management of the network (empowering the SHIB community’s influence) and can be utilized for rewards on the ShibaSwap decentralized exchange and various other benefits within the SHIB ecosystem. Additionally, TREAT will play a role in WOOF Wars: Farming 2.0, a farming mechanism aimed at maximizing user earnings through yield farming.
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2025-01-14 12:57