Shiba Inu Burn Rate Explodes 1000% Overnight As Millions Of Tokens Vanish: What's Happening?

Shiba Inu SHIB/USD on Wednesday experienced a significant increase in its burn rate, skyrocketing by 1000% in the last 24 hours. The surge came after a staggering 164 million SHIB tokens were permanently removed from circulation, data from Shiba Inu burn tracker Shibburn shows.

What Happened: Data from Etherscan reveals that two previously dormant cryptocurrency wallets, named “0x6ab” and “0xA75”, received substantial withdrawals of SHIB tokens from crypto exchanges Binance and MEXC, amounting to 61 billion SHIB. This influx suggests the emergence of new Shiba Inu whales in the market.

At current market prices, these whales hold over $500,000 in SHIB. 

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Why It Matters: Meanwhile, in a significant milestone for the progress of renouncing the contract of Bone BONE/USD ShibaSwap’s gas token, the official token of Shibarium, the Shiba Inu development team has announced that the minting process for the remaining BONE supply is nearing completion.

This endeavor was initiated last week when Shiba Inu took decisive steps to renounce BONE, introducing a temporary token called Calcium. It is important to note that Calcium was specifically created for the sole purpose of renouncing the BONE contract and should not be used for trading purposes due to its lack of liquidity.

Following the completion of the BONE minting process, rewards associated with BONE on the ShibaSwap platform will come to an end. These rewards will then shift to a new token named “TREAT,” as previously disclosed by Shytoshi Kusama, the lead developer of Shiba Inu.

Price Action: At the time of writing, SHIB was trading at $0.000007228, down 0.33% in the last 24 hours, according to Benzinga Pro.

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