Shiba Inu’s token burn rate has risen nearly 8,000% as the SHIB community welcomes another listing from a major crypto exchange.
According to Shibburn, which keeps track of SHIB burning, the burn rate suddenly exploded by 7,900% on Friday as 43 million tokens were burned in a single day.
“TIME LIST SHIB UPDATE
SHIB Price: $0.00001137 (1 hour 0.13% ? | 24 hours -5.18% ? )
Market Cap: $6,699,607,943 (-5.47% ?)
Total supply: 589,614,707,812,657
TOKENS Burned last 24 hours: 43,192,603 (7909.09% ?) Last 7 days: 148,357,592 (-19.8% ?)”
At the time of writing, over 410 trillion SHIB tokens have been burned from supply forever or sent to a dead Ethereum address where they cannot be retrieved.
The Shiba Inu community started burning tokens in 2021 when Ethereum creator Vitalik Buterin burned 90% of his SHIB stock and sent the rest to charity. Since then, SHIB has been slowly taken out of supply via the Dogecoin rival’s burning mechanism.
Shiba Inu’s accelerating burn rate comes as BTCC, a crypto exchange with over $9 billion in daily trading volume, surprisingly announces support for SHIB.
The Bobby Lee founded stock exchange said via Twitter that SHIB had arrived on its platform alongside 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 benefited from several large listings in the past month as the community awaits the release of Shibarium, a Layer 2 scaling project for the Dogecoin competitor.
Earlier this week, BONE, the token to be used for gas charges 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 the time of writing, SHIB is valued at $0.000011, trading sideways over the last 24 hours.
Don’t Miss a Beat – Subscribe to Get Crypto Email Alerts Delivered Directly to Your Inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
Check out the latest news headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Featured Image: Shutterstock/Art Furnace