'Dogecoin Killer' Burning Spree Skyrockets 161,500% — 8B SHIB Permanently Removed From Circulation In Single Day

‘Dogecoin Killer’ Burning Spree Skyrockets 161,500% — 8B SHIB Permanently Removed From Circulation In Single Day

22 December 2023

in DOGE

Reading Time: 3 mins read

December 21, 2023 11:59 PM | 2 min read

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Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) Killer‘ Shiba Inu (CRYPTO: SHIB) experienced a boost in its burn rate, with over 8.53 billion SHIB removed from circulation — a surge of over 161,500% in just 24 hours.

What Happened: This development is in line with the announcement made by SHIB’s lead developer Shytoshi Kusama, who hinted at an upcoming event, “As billions of Shib prepare for roasting (yes, it is in progress), and Shibarium transactions are worthy of toasting … I continue to look forward to next week’s announcement.”

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According to Shibburn, a tracker for the SHIB ecosystem, a single wallet address was responsible for burning the coins, equating to a value of over $90,000 in one transaction. At the time of writing, SHIB was trading at $0.000011.

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

Why It Matters: In other news, Shiba Inu has partnered with D3 Global, a domain company, to secure the .shib top-level domain. This partnership makes SHIB one of the first decentralized ecosystems to collaborate with D3 Global in the pursuit of a dedicated top-level domain through the Internet Corporation for Assigned Names and Numbers.

The primary goal of the initiative is to combine the traditional domain name system (DNS) with the growing Web3 sector to enable a new level of interoperability and digital identity inside the Shiba Inu ecosystem.

Photo by Furkan Cubuk on Shutterstock

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?