Shiba Inu (SHIB) Burn Rate Explodes Nearly 8,000% As Dogecoin Rival Gets Surprise Listing From Major Exchange
Shiba Inu’s token burn rate has skyrocketed by nearly 8,000% as the SHIB community welcomes yet another listing from a major crypto exchange.
According to Shibburn, who keeps track of SHIB burning, the burn rate suddenly exploded by 7,900% on Friday when 43 million tokens were burned in a single day.
“TIMES SHIB UPDATE
SHIB Price: $0.00001137 (1h 0.13% ? | 24h -5.18% ? )
Market value: USD 6,699,607,943 (-5.47% ?)
Total offer: 589,614,707,812,657
TOKENS BURNED last 24 hours: 43,192,603 (7909.09% ?) Last 7 days: 148,357,592 (-19.8% ?)”
At the time of writing, over 410 trillion SHIB tokens have been burned from supply forever, or sent to a dead Ethereum address where they cannot be retrieved.
The Shiba Inu community started burning tokens in 2021 when Ethereum creator Vitalik Buterin burned 90% of his SHIB holdings and sent the rest to charity. Since then, SHIB has been slowly taken out of supply via the Dogecoin rival’s burning mechanism.
Shiba Inu’s accelerating burn rate comes as BTCC, a crypto exchange with over $9 billion in daily trading volume, announces surprise support for SHIB.
The Bobby Lee-founded stock exchange so via Twitter that SHIB had arrived on its platform, along with multi-chain ecosystem Conflux (CFX), payment-focused Alchemy Pay (ACH), layer-1 blockchain Core (CORE) and two other small crypto projects.
SHIB and other tokens in the Shiba Inu ecosystem have seen several major entries in the past month as the community awaits the release of Shibarium, a Tier 2 scaling project for its Dogecoin rival.
Earlier this week, BONE, the token to be used for gas fees at Shibarium, was listed on Crypto.com, one of the largest American giants in the industry. It was also given support from Gate.io last week.
At the time of writing, SHIB is valued at $0.000011, trading sideways in the last 24 hours.
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