Popular dog-themed memecoin Shiba Inu SHIB/USD recorded a significant jump in its burn rate in the last 24 hours, although the community remained unimpressed.
What happened: About 15.08 million SHIB tokens were kicked out of circulation, according to the official burn tracker, Shibburn, marking a surge of 772% over the last 24 hours.
As is well known, coin burning is the process of purposely sending a cryptocurrency token to an unusable wallet address to remove it from circulation. This is done to generate scarcity and increase the market value of the token.
As of this writing, nearly 410.728 trillion SHIB tokens have gone up in smoke.
Despite the substantial increase in burn rate, many members of the Shiba Inu community were dissatisfied and vented their frustrations to none other than the ecosystem’s pseudonymous leader, Shytoshi Kusama.
While responding to an altogether different X post by Kusama, a user urged them to accelerate the burn rate. To this, Kusama replied, "Requires funds to do so. Every time you see a partnership, we get closer."
However, the user was still not convinced and went on to say, “What about that auto-burn mechanism ?! We wait till 4 years. It’s in YOUR hands ! Dont fool us boss.”
Why It Matters: The debate around burn rates came even as the highly anticipated liquid staking platform, K9 Finance, went live on Shiba Inu's Layer-2 network, Shibarium.
The launch was expected to boost transaction volume on the network, in turn accelerating SHIB token burns.
Since its launch in August last year, the Shibarium blockchain has facilitated over 418 million transactions, according to on-chain data.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00001479, up 0.22% in the last 24 hours, according to data from Benzinga Pro.
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