The burn rate of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has recently surged by more than 28,000% over just 24 hours after more than 6.3 million SHIB tokens were sent to dead wallet addresses that no one controls, effectively removing them from circulation.
According to data from Shiba Inu burn tracking platform Shibburn, over the last 24-hour period a total of 6.3 million SHIB tokens were burned. The burn rate rose after Shiba Inu’s partnership with domain firm D3 Global was announced, allowing users to acquire .shib domains.
The partnership sees Shiba Inu become one of the first decentralized projects to partner with D3 to pursue a top-level domain via the Internet Corporation for Assigned Names and Numbers (ICANN). Some other networks have their own native addresses, with Ethereums’ ending in .eth.
Earlier this month, SHIB unleashed an inferno on its tokens after a staggering 8.6 billion SHIB tokens sent for permanent deletion. This represented a remarkable 160,598% increase from the previous day’s burn rate.
Shiba Inu’s community burns token by moving them to addresses that no one controls – so-called dead addresses – to remove them from circulation and effectively reduce its available supply on the market. If met with stronger demand, the price could theoretically rise as a result.
Some analysts believe that Shiba Inu’s price could rise as adoption grows, and as such the team behind the project has been moving forward with partnerships to allow SHIB’s utility to grow.
Shiba Inu was recently one of the cryptocurrencies delisted from Uphold Canada, along with rival meme-inspired cryptocurrency Dogecoin (DOGE), Cardano (ADA), and a number of other cryptocurrencies.
Featured image via Pixabay.
