Shiba Inu Burn Rate Skyrockets 8,000% Despite Volatile Crypto Market
Shiba Inu’s token burn rate reportedly surged nearly 8,000% as the SHIB community celebrates the popular mem-based cryptocurrency’s listing on yet another major crypto exchange.
According to a report by The Daily Hodl, $SHIB burn tracker Shibburn reported a 7,900% increase in burn rate on Friday, with 43 million tokens burned in a single day. Over 410 trillion SHIB tokens have so far been burned, i.e. permanently removed from the supply, or sent to an inaccessible Ethereum address.
The burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his $SHIB holdings and donated the rest to charity. The Shiba Inu community has since continued the practice, gradually taking $SHIB out of circulation.
Crypto derivatives exchange BTCC, which claims to have a $6.81 billion 24-hour trading volume, announced on March 3 its support for $SHIB and five other altcoins.
In the past few weeks, there have been several other major listings for $SHIB and other tokens in its ecosystem as the community impatiently awaits the launch of Shibarium, a layer 2 blockchain designed at addressing the shortcomings of the $SHIB token’s host chain Ethereum, namely low speed and high transaction cost.
For example, on March 3, Bone ShibaSwap ($BONE) — which, according to the Shibarium team, is “the native token selected to pay for gas transactions and reward Validators and Delegators within the Shibarium protocol” — was listed on Crypto.com:
As of 10:12 a.m. UTC on March 5, $SHIB is trading around $0.0000112 (down 1.07% in the past 24-hour period), making it the 15th most valuable cryptocurrency by market cap.
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