Benzinga - 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."
2/ Impactful burns will only take place through global adoption. We've seen adoption trickle in through 2023, but what can be done to ensure $Shib adoption worldwide perpetually? For this, a web of decentralized leaders, early adopters, and those tired of the status quo…— Shytoshi Kusama™ (@ShytoshiKusama) December 16, 2023
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
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