Although the SHIB community was celebrating the popular mem-based cryptocurrency’s debut on another significant crypto exchange, the burn rate for SHIB tokens reportedly increased by approximately 8,000%.
Shibburn, a service that keeps tabs on how many $SHIB tokens have been burnt, revealed on Friday that the burn rate had increased by 7,900%, reaching 43 million tokens.
The burn rate mechanism was implemented in 2021, when Vitalik Buterin, the developer of Ethereum, burnt 90% of his $SHIB holdings and gave the remainder to charity. Since then, the Shiba Inu community has maintained the practice, progressively eliminating $SHIB from circulation.
In a March 3 announcement, crypto derivatives exchange BTCC, which claims to have a $6.81 billion 24-hour trading volume, said it would offer $SHIB and five other cryptocurrencies.
Several significant exchanges have listed $SHIB and other tokens in its ecosystem in the past few weeks. At the same time, the community eagerly awaits the launch of Shibarium, a layer two blockchain designed to address the shortcomings of the $SHIB token’s host chain Ethereum, namely its slow speed and high transaction fees.
On March 3, Crypto.com added Bone ShibaSwap ($BONE), which, according to the Shibarium developers, is “the native token used to pay for gas transactions and reward Validators and Delegators inside the Shibarium protocol.”
As of 10:12 a.m. UTC on March 5, $SHIB is trading at $0.0000112 (down 1.07% in the previous 24-hour period), making it the 15th most valuable cryptocurrency by market value.
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