'Dogecoin Killer' Shiba Inu Burn Rate Surges 2,500%: Analyst Says Meme Coin Set For Price Change After Spot Bitcoin ETF Announcement

Self-proclaimed ‘Dogecoin DOGE/USD killer'  Shiba Inu SHIB/USD experienced a dramatic surge in its token burn rate, skyrocketing over 2500% in a single day.

What Happened: The surge comes as 53.29 million SHIB tokens were permanently withdrawn from circulation.

According to data sourced from Shibburn, throughout 2023, the Shiba Inu community has actively participated in self-induced token depletion practices, ridding the ecosystem of over 76 billion SHIBs by transferring them to irretrievable wallet addresses.

The marketing lead for Shiba Inu, Lucie, took to X to inform the SHIB community about incentives to accrue SHIB and LEASH tokens. Lucie announced arrangements to allocate nearly 90 million Shiba Inu tokens along with an assortment of LEASH tokens in the forthcoming months.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsMarketsBitcoindogecoinETFShiba InuShibburn
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!