Benzinga - Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer' Shiba Inu (CRYPTO: SHIB), has witnessed a surge in token burn activity with an increase exceeding 4,200% within a 24-hour window.
What Happened: Shibburn, a Shiba Inu burn rate tracker, revealed the elimination of 15.72 million SHIB tokens from the actively traded supply.
This reduction is largely due to the actions of three anonymous entities that sent 13 million SHIB tokens to an unrecoverable address, effectively reducing the available supply.
This comes as Shiba Inu’s ecosystem is undergoing notable developments, including a new strategy aimed at accelerating the elimination of tokens.
"Starting in January, the mechanism will evolve into an automated system on Puppynet for testing purposes. This phase will witness multiple upgrades to enhance efficiency and reliability. Then it will be brought to the Mainnet. The automated burn process will operate based on predefined rules, making it more efficient and transparent," a post on SHIB news read.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Last month, Shibarium developers unveiled a dual-component burning mechanism aimed at stepping up the pace of these burns. This mechanism utilizes BONE (CRYPTO: BONE) token fees collected within the network for manual burns.
Capping off a year of intense trading on the Shibarium platform, the development team ignited three substantial burn events in December 2023, which together amounted to the destruction of 25 billion SHIB tokens.
Price Action: SHIB was trading at $0.000008811, down 0.91% in the last 24 hours, according to Benzinga Pro.
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