Surging 19,000%, the Shiba Inu token burn rate is fueled by hot wallets from OpenSea and Coinbase users. Read more on CT.
- Shiba Inu witnesses a 19,000% surge in token burn rate, intriguing the cryptocurrency community.
- Some key Coinbase and OpenSea hotwallets have actively participated, increasing SHIB’s scarcity.
- Rising SHIB token burns reflect innovative strategies, captivating crypto enthusiasts and investors alike.
The popular memecoin Shiba Inu (SHIB) has experienced a significant surge in its token burn rate, capturing the attention of the cryptocurrency community. Data from Shibburn indicates an astonishing 19,000% increase in the burn rate over the past 24 hours, with more than 173 million SHIB tokens sent to an inaccessible address. This surge in token burning follows a notable trend observed in October, during which nearly 1.5 billion SHIB tokens were destroyed, with a record-breaking day on October 28 seeing over 250 million SHIB removed from circulation.
The purpose behind this deliberate burning of SHIB tokens is to create scarcity within the market, potentially driving up the coin's value over time. This strategy has garnered significant interest as market participants anticipate a potential bullish impact on SHIB's price. One particular user on OpenSea, identified as "0x75d," has emerged as a key figure in this trend.
This user has consistently moved substantial quantities of SHIB to burn addresses, showcasing a systematic approach to managing their SHIB holdings. Notably, a recent transfer of 1 billion SHIB, valued at $842.08 based on current market rates, exemplifies the user's active participation in the token-burning initiative.
Read full article at CryptoTale.