SHIB Community Burns 7.6 Million Tokens, Boosting Shiba Inu’s Burn Rate by 70,000%

• Shiba Inu’s burn rate has skyrocketed by more than 70,000% with millions of tokens incinerated.
• Shiba Inu remains one of the most watched memecoins with growing institutional embrace.

The Shiba Inu (SHIB) community recently carried out a substantial burn, wiping out 7.6 million tokens from circulation. Consequently, the Shibu Inu’s burn rate skyrocketed by 70,000%, sparking attention within the crypto space. 

Shiba Inu’s Burn Rate Surges

According to data from Shibburn, a platform dedicated to tracking SHIB token burns, nine wallets incinerated 7.6 million SHIB tokens within 24 hours. Transactions from wallet address ‘0x60’ stood out, burning over 4.3 million SHIB tokens alone. In a subsequent move, the wallet added a 1 million burn to its tally, bringing its total contribution to over 5 million SHIB tokens removed from circulation within a single day.

The second largest transaction was from another wallet address, ‘0xc6’, burning 1,538,128 SHIB tokens. The recent burning episodes have pushed the total number of Shiba Inu permanently removed from circulation to a remarkable 410.7 trillion. 

Additionally, the current circulating supply sits at approximately 583.2 trillion. Notably, the recent burn comes shortly after a 3,894% increase in the SHIB burn rate, according to a previous report from Crypto News Flash.

The main strategy behind burning SHIB tokens is to create scarcity, which could potentially drive up the price in the long run. However, the immediate effects on the market price appear subdued. Despite recent burn efforts from the Shiba Inu community, SHIB’s market price hasn’t quite caught the burning fever. 

In fact, the price has dipped slightly, falling by 3.27% over the past 24 hours, settling at $0.00002235.

This decline is part of a larger downward trend, with SHIB experiencing over 6% price drop over the past week. The trading volume, however, increased by 33.7% to $628 million in the past day, with the market cap pegged at $13.1 billion.

Shiba Inu’s Vision for ETF

Taking to the X platform, Lucie, the social media marketing lead for the Shiba Inu team, offered some intriguing insights into the ecosystem. She pondered the possibility of a SHIB-based Exchange-Traded Fund (ETF) while expressing concerns about the recognition the token receives from major financial institutions. 

How is the Shib ETF?

I honestly don’t know if institutions will understand how important $SHIB is to people and their future finances.

I wish @BlackRock would understand the magic and power of $SHIB, but let’s see how visionary they are.

The most important thing for us is to… pic.twitter.com/yI7hzQGLVo

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) June 10, 2024

Lucie emphasized the “unique value” SHIB brings to the table and advocated for a broader understanding from financial giants like BlackRock.

“I wish BlackRock would understand the magic and power of $SHIB, but let’s see how visionary they are. The most important thing for us is to grow and stick to our initial vision,” Lucie noted.

Meanwhile, SHIB is gaining attention from other institutional players like Franklin Templeton. As previously reported by Crypto News Flash, the firm managing $1.6 trillion in assets, is considering making investments in SHIB. According to an undisclosed source, the investment is aimed towards the launch of a new crypto altcoin fund by Franklin Templeton.