Skip to main content

Market Overview

'Dogecoin Killer' Shiba Inu's Burn Rate Swells By Staggering 3641%, Daily Active Users Jump

Share:
'Dogecoin Killer' Shiba Inu's Burn Rate Swells By Staggering 3641%, Daily Active Users Jump

Popular dog-themed memecoin Shiba Inu (CRYPTO: SHIB) recorded a mammoth jump in its burn rate in the last 24 hours. 

What Happened: About 71.18 million SHIB tokens were kicked out of circulation, according to the official burn tracker, Shibburn, representing a staggering 3641.09% surge. 

A popular community member, going by the pseudonym Jolt, highlighted the burning of 69 million tokens in an NFT mint transaction by Shibarium-based collection, LumiBots


Coin burning refers to a process where a cryptocurrency token is intentionally sent to an unusable wallet address to remove it from circulation. This is done to create scarcity and boost its market value. 

Nearly, 410.72 trillion SHIB tokens have been burned as of this writing. 

See Also: Jack Dorsey’s Block Makes Historic Bitcoin Mining Chip Sale To Core Scientific: ‘Our First Mining Chip Customer!’

Why It Matters: The spike in burn rate comes amid a 5.22% increase in Shiba Inu's daily active addresses in the last 24 hours, according to data from IntoTheBlock. 

That said, whale engagement declined, with large transaction volume plunging 52%.

Market sentiment was mixed, with an equal number of holders profiting and losing at the current price.  

Price Action: At the time of writing, SHIB was exchanging hands at $0.00001613, falling 0.84% in the last 24 hours, according to data from Benzinga Pro. The second-largest memecoin gained 22% over the week.

Read Next: 

 

Related Articles ($SHIB)

View Comments and Join the Discussion!

Posted-In: burn rate memecoin Shiba InuCryptocurrency News Markets

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com