Shiba Inu Burn Rate Soars 1000% As 164 Million Tokens Removed

Shiba Inu  experienced a significant increase in its burn rate, skyrocketing by 1000% .The surge came after a staggering 164 million SHIB tokens were permanently removed from circulation. JAKUB PORZYCKI/NUR VIA GETTY IMAGES.

Shiba Inu on Wednesday experienced a significant increase in its burn rate, skyrocketing by 1000% in the last 24 hours. The surge came after a staggering 164 million SHIB tokens were permanently removed from circulation, data from Shiba Inu burn tracker Shibburn shows.

Shiba Inu (SHIBUSD) is an Ethereum-based altcoin (a cryptocurrency other than Bitcoin) that features the Shiba Inu—a Japanese breed of hunting dog—as its mascot. 

Shiba Inu is widely considered to be an alternative to Dogecoin; in fact, proponents of Shiba Inu tout it as the Dogecoin killer.

Data from Etherscan reveals that two previously dormant cryptocurrency wallets, named “0x6ab” and “0xA75”, received substantial withdrawals of SHIB tokens from crypto exchanges Binance and MEXC, amounting to 61 billion SHIB. This influx suggests the emergence of new Shiba Inu whales in the market.

At current market prices, these whales hold over $500,000 in SHIB. 

Shiba Inu  experienced a significant increase in its burn rate, skyrocketing by 1000% .The surge came after a staggering 164 million SHIB tokens were permanently removed from circulation. JAKUB PORZYCKI/NUR VIA GETTY IMAGES.

Meanwhile, in a significant milestone for the progress of renouncing the contract of Bone  ShibaSwap’s gas token, the official token of Shibarium.

“The minting process for the remaining BONE supply is nearing completion,” said the shia Inu development team. 

Shiba Inu developer Kaal Dhariya confirmed that BONE has been renounced via the TopDog contract. He emphasized the team’s commitment to fostering decentralized and permissionless systems.

This endeavor was initiated last week when Shiba Inu took decisive steps to renounce BONE, introducing a temporary token called Calcium. 

Shiba Inu  experienced a significant increase in its burn rate, skyrocketing by 1000% .The surge came after a staggering 164 million SHIB tokens were permanently removed from circulation. JAKUB PORZYCKI/NUR VIA GETTY IMAGES.

It is important to note that Calcium was specifically created for the sole purpose of renouncing the BONE contract and should not be used for trading purposes due to its lack of liquidity.

“Following the completion of the BONE minting process, rewards associated with BONE on the ShibaSwap platform will come to an end. These rewards will then shift to a new token named TREAT,” said Shytoshi Kusama, the lead developer of Shiba Inu.

 At the time of writing, SHIB was trading at $0.000007228, down 0.33% in the last 24 hours.

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Edited by Miriam Onyango and Newsdesk Manager