Benzinga - Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer' Shiba Inu (CRYPTO: SHIB), has witnessed an increase of over 27,500% in its token burn rate within the past 24 hours.
What Happened: A total of 9 billion SHIB tokens have been purposefully removed from the circulating supply.
Data provided by Shibburn, a Shiba Inu burn tracker shows that a pair of undisclosed entities moved 9.5 billion and 30 million SHIB to a “dead wallet,” effectively pulling these tokens out of circulation.
Meanwhile, blockchain analytics platform IntoTheBlock has revealed a 1,300% rise in large transactions by SHIB whales in the last 24 hours.
Such “whale transactions,” that hold at least $100,000 worth of SHIB, have escalated to a count of 62. The aggregated volume of these transactions has soared to 9.38 trillion SHIB, translating to nearly $89.88 million.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: This comes as Shiba Inu’s lead developer Shytoshi Kusama in a tweet on Wednesday said, “We're working with @D3inc to #InvadeTheInternet by applying for the .shib TLD. This will enable us to engage with infrastructure utilized by 5.3 billion people across the globe.”
According to Kusama, the move is positioned as a gateway to expanding the .shib domain. “Eventually, you will be able to use a .shib domain to host a website, blog, or online store; send and receive emails and digital assets; assume your username on Web3 platforms; and authenticate your identity online," the developer said.
5/ You already use domains all over Web3. You use it to access our ecosystem, you use it to access the exchanges where you buy and sell $SHIB, $LEASH and $BONE, you use it to open X to read this tweet. Now imagine if those domains ended in .shib— Shytoshi Kusama™ (@ShytoshiKusama) January 9, 2024
Price Action: At the time of writing, SHIB was trading at $0.0000094 down 1.16% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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