Shiba Inu (SHIB) Burn Rate Explodes Nearly 8,000% As Dogecoin Rival Gets Surprise Listing from Major Exchange
Shiba Inu’s rate of token burns has skyrocketed nearly 8,000% as the SHIB community welcomes yet another listing from a major crypto exchange.
According to Shibburn, which keeps track of SHIB burning, the burn rate suddenly exploded 7,900% on Friday as 43 million tokens were burned in a single day.
“HOURLY SHIB UPDATE
SHIB Price: $0.00001137 (1hr 0.13% | 24hr -5.18% )
Market Cap: $6,699,607,943 (-5.47% )
Total Supply: 589,614,707,812,657
TOKENS BURNT Past 24Hrs: 43,192,603 (7909.09% ) Past 7 Days: 148,357,592 (-19.8% )”
At time of writing, over 410 trillion SHIB tokens have been burned from the supply forever, or sent to a dead Ethereum address where they cannot be retrieved.
The Shiba Inu community began burning tokens in 2021 when Ethereum creator Vitalik Buterin burnt 90% of his SHIB stash and sent the rest to charity. Since then, SHIB has slowly been taken out of supply via the Dogecoin rival’s burn mechanism.
Shiba Inu’s accelerating burn rate comes as BTCC, a crypto exchange with over $9 billion in daily trading volume, announces surprise support for SHIB.
The Bobby Lee-founded exchange said via Twitter that SHIB had arrived to its platform, along with multi-chain ecosystem Conflux (CFX), payments-focused Alchemy Pay (ACH), layer-1 blockchain Core (CORE), and two other small crypto projects.
SHIB and other tokens in the Shiba Inu ecosystem have enjoyed several major listings in the last month as the community awaits the release of Shibarium, a layer-2 scaling project for the Dogecoin rival.
Earlier this week, BONE, the token slated to be used for gas fees on Shibarium, was listed on Crypto.com, one of the biggest American giants in the industry. It was also given support from Gate.io in the previous week.
At time of writing, SHIB is valued at $0.000011, trading sideways over the last 24 hours.
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