In a remarkable turn of events, the burn rate of Shiba Inu has surged to an astounding 15,608%, attributed to strategic token burns by the SHIB team. This move aims to bolster the scarcity and value proposition of SHIB, BONE, and LEASH tokens.
Rising Interest and Activity
The surge in burn rate coincides with heightened interest and activity within the Shiba Inu community, propelling SHIB prices to a staggering 300% increase in just one week, reaching highs of $0.00004575.
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According to Shibburn X account data, 13,610,153,841 SHIB tokens were burned across 12 transactions, totaling $489,965. RagnarShib, a social media admin, then shared a breakdown of the burns contributing to the surge in burn rate.
Breakdown of Burn Transactions
In a series of transactions, significant amounts of SHIB tokens, along with BONE and LEASH tokens, were sent to the dead wallet. Specifically, 9,649,108,480 SHIB tokens and 3,814,893,910 SHIB tokens were burned in two separate transactions. Additionally, 19,550 BONE tokens and 28.762 LEASH tokens were also burned in their respective transactions.
Shytoshi Kusama, lead of Shiba Inu, delved into the Shibarium burns in a recent blog post. In this context, Kusama explained that the burn figure of 92 ETH was determined based on the launch of Sheboshis, a new addition to the Shiba Inu ecosystem. Subsequently, the proceeds from Sheboshis sales were allocated, with a portion designated for burns.
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First-time LEASH Burn
Kusama emphasized a historic milestone with the inaugural burn of LEASH tokens. This allocation for burns included 6% for SHIB, 1% for BONE, and 1% for LEASH, among others. Consequently, this marked the first time LEASH tokens were subjected to burning.
Regarding the latest market performance, as of the latest update, SHIB has seen a 4.41% increase in the last 24 hours, reaching $0.000035. Similarly, BONE has risen by 5% to $1.22, while LEASH has experienced a 3% uptick, reaching $758.
The surge in burn rate and strategic token burns by the SHIB team underscore a proactive approach towards enhancing the scarcity and value proposition of Shiba Inu tokens. Moreover, rising community interest suggests a promising future for SHIB, BONE, and LEASH tokens.
