Shiba Inu SHIB/USD witnessed a steep rise in its burn rate in the last 24 hours amid the popular memecoin's perpetual futures listing on Coinbase.
What Happened: Around 8.2 million SHIB tokens were kicked out of circulation, according to data from Shibburn, marking a whopping 246% jump.
Coin burning happens when a cryptocurrency token is intentionally sent to an unusable wallet address to remove it from circulation. Think of it as similar to stock buybacks in traditional finance
This is done to reduce the supply of the coin with hopes of boosting demand and its market value. As of this writing, about 410 trillion SHIBs have been burned.
The jump in burn rate comes as the second-largest memecoin's perpetual futures started trading on Coinbase International Exchange and Coinbase Advanced.
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