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Shiba Inu Burn Rate Skyrockets Over 300% As Price Sheds A Zero
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Shiba Inu Burn Rate Skyrockets Over 300% As Price Sheds A Zero

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Shiba Inu

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The Shiba Inu burn initiative has been one of the most notable developments this week that has gained the interest of the crypto community, witnessing massive surges in its token burn rate in the past few days.

Shiba Inu Burn Rate On The Rise

Data from Shiba Inu burn tracker Shibburn shows that the SHIB burn rate has increased significantly in the past 24 hours. According to the tracking platform, the burn rate has witnessed a 395.43% uptick today, January 12.

The tracker reveals that over 18 million SHIB tokens have been destroyed in the past 24 hours. The rise in burn rate came in light of Shiba Inu experiencing a price rally which has led to the token erasing another zero.

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Shiba Inu burn

Shiba Inu Burn Rate Rises Rapidly In One Week, What’s Been Driving It?

1 year ago

It is noteworthy that three burn transactions were responsible for the rise in burn rate today. Shibburn revealed that the three transactions incinerated a total of 16.56 million SHIB tokens in less than 8 hours.

The first transaction carried out by the wallet address 0x618ffd1cdabee36…3f21272bd7 saw about 7.77 million SHIB tokens being burned. Additionally, another wallet address 0xab782bc7d4a2b30…f8f63ee1bc sent over 3.33 million SHIB to the burn wallet five hours later.

Meanwhile, the third transaction initiated by the wallet address 0xa9d1e08c7793af6…7fb81d3e43 incinerated about 5.46 million SHIB tokens. 

Over the past few days, the Shiba Inu burn rate has been recording major spikes. The development seems to have caused quite a speculative frenzy within the crypto space.

On Tuesday, January 9, the tracking platform recorded an increase in burn rate of over 28,000%. The surge was caused by a burn transaction carried out by the Shiba Inu team.

The team sent a whopping 9.35 billion SHIB tokens valued at $92,553 to the burn address. This marks the highest burn the team has initiated since it started burning SHIB.

SHIB Erases Another Zero Post ETF Approval

The majority of crypto assets are flashing green, signaling a general upturn in the cryptocurrency market. The recent approval of the Bitcoin Spot Exchange-Traded Funds (ETFs) by the SEC is largely considered to be responsible for the upward trend.

Related Reading

Shiba Inu price

Shiba Inu Price Enters Most Crucial Week In 1.5 Years, Here’s Why

1 year ago

Prior to the approval of Bitcoin ETFs, Shiba Inu was trading at a comparatively low value of $0.0000095. However, after the approval, SHIB has witnessed a price increase, allowing the token to shed another zero.

The increase in SHIB price post-ETF has garnered interest from investors and generated speculations over the coin’s potential for long-term growth.

Currently, SHIB is trading at $0.000010, indicating a 0.60% decrease in the past 24 hours. However, the token’s trading volumes appear to be down in the past day by over 12%, according to CoinMarketCap.

Shiba Inu
SHIB trading at $0.00001009 on the 1D chart | Source: SHIBUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

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I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

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