Shiba Inu Burn rise by 8,000% despite Uncertain Crypto Space

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, 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.

Also Read: Binance-Issued BUSD Market Cap Falls 45% Amid Exchange-Related FUD

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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