'Dogecoin Killer' Shiba Inu Burn Rate Skyrockets 28,000% As 6M SHIB Sent To Dead Wallet

Shiba Inu SHIB/USD, a self-proclaimed ‘Dogecoin DOGE/USD Killer', saw a significant boost in its burn rate, which rose by over 28,350% in the last 24 hours. 

What Happened: According to data from Shiba Inu burn tracker Shibburn, more than 6.3 million SHIB tokens were transferred to a dead wallet.

This sudden surge in the burn rate comes in the wake of Shiba Inu’s partnership announcement with domain company D3 Global, aimed at acquiring the .shib domain. This makes Shiba Inu one of the first decentralized ecosystems to join forces with D3 in its quest for a dedicated top-level domain through the Internet Corporation for Assigned Names and Numbers (ICANN).

Certain blockchains already feature native segments in their domains, such as Ethereum’s addresses that end with .ETH.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: A SHIB team member, Lucie, reported this significant burn last week, while revealing that more would follow. 

Shytoshi Kusama, the lead developer of SHIB, expressed confidence in the burn’s impact on global adoption, saying, “Impactful burns will only take place through global adoption. We’ve seen adoption trickle in through 2023, but what can be done to ensure $Shib adoption worldwide perpetually?”

Price Action: At the time of writing, SHIB was trading at $0.000010, up 1.76% in the last 24 hours, according to Benzinga Pro.

Image via Shutterstock

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