'Dogecoin Killer' Shiba Inu Burn Rate Spikes 800% Amid New Margin Pair Listing On Kraken

Shiba Inu SHIB/USD has experienced a resurgence in its burn rates, with an 800% surge and millions of coins burned in recent transactions prompting positive market sentiment and an increase in prices.

What Happened: Lucie, Shiba Inu’s marketing lead, emphasized the importance of income generation to facilitate burns, highlighting Ryoshi’s burning of keys to Shib’s supply.

Kraken Pro, an advanced crypto trading platform, announced new margin pairs, including Shiba Inu, although geographic restrictions will apply.

Price Action: At the time of writing, SHIB was trading at $0.00002408, up 4.5% over the past 24 hours.

Also Read: Are Dogecoin And Shiba Inu Due A Bounce? This Trader Sees ‘Bull Flag’ Forming For One Coin

Why It Matters: Despite the current lull in SHIB’s price, IntoTheBlock data shows that 653,530 Shiba Inu addresses hold a substantial 733.6 trillion SHIB coins, with most of these holdings remaining profitable. This underscores the commitment of Shiba Inu holders to the meme coin.

These developments follow the recent movement of 1.75 trillion SHIB coins from a Robinhood wallet to an unknown wallet, as well as the Shib community raising $12 billion in a funding round and implementing a major hardfork upgrade to improve user performance and block processing periods.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: How Did Shiba Inu Become The ‘Dogecoin Killer?’ Crypto Whale Thinks ‘Its Mission’ And This One Factor Were Key

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