Shiba Inu’s Burn Rate Skyrockets 395%, Incinerating 18M Tokens

Shiba Inu experiences a 395.43% surge in burn rate, destroying over 18 million SHIB tokens in 24 hours.
Record-breaking burn transactions, including one by the Shiba Inu team, sparked speculation in the crypto community.
The SEC approval of Bitcoin ETFs leads Shiba Inu to erase another zero, generating interest in its long-term growth potential.

The Shiba Inu (SHIB) burn initiative has seized the crypto community’s interest with a remarkable 395.43% surge in its burn rate. Over 18 million SHIB tokens were annihilated in the past 24 hours, reflecting a significant acceleration in the burn phenomenon.

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Three standout burn transactions significantly contributed to the surge. The first, executed by the wallet address 0x618ffd1cdabee36…3f21272bd7, incinerated around 7.77 million SHIB tokens. Following suit, 0xab782bc7d4a2b30…f8f63ee1bc sent over 3.33 million SHIB to the burn wallet, and a third transaction, initiated by 0xa9d1e08c7793af6…7fb81d3e43, consumed approximately 5.46 million SHIB tokens in less than 8 hours.

These notable burn transactions align with a broader trend. Over the past few days, the Shiba Inu burn rate has experienced significant spikes. On January 9, the burn rate skyrocketed over 28,000%, primarily fueled by a historic burn transaction from the Shiba Inu team. The team incinerated a record 9.35 billion SHIB tokens valued at $92,553, marking their highest burn since the initiative’s inception.

Further influencing the dynamics, the recent SEC approval of Bitcoin Spot Exchange-Traded Funds (ETFs) triggered a positive trend in the overall cryptocurrency market. Preceding this approval, Shiba Inu traded at a modest $0.0000095.

The subsequent market upturn propelled SHIB to erase another zero, currently trading at $0.000010. Despite a marginal 0.60% decrease in the past 24 hours, the coin’s potential for long-term growth has ignited widespread interest and speculation among investors.

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Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.