Benzinga - Shiba Inu (CRYPTO: SHIB), the self-proclaimed “Dogecoin (CRYPTO: DOGE) Killer's” burn rate has surged over 145%.
What Happened: In the past 24 hours, Shiburn, the burning mechanism, reported that 92 million SHIB tokens have been transferred to “inferno” wallets, effectively removing them from circulation forever.
This substantial burn activity includes a single transaction of 34,547,609 SHIB to a dead wallet, which occurred around six hours ago. The burn rate signifies the intentional removal of tokens from circulation to increase scarcity and potentially drive up the value of the remaining tokens.
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’
Why It Matters: This comes as Shiba Inu’s lead developer, Shytoshi Kusama, has introduced an in-depth explanation of the newly implemented Self-Sovereign Identity (SSI) solution for the Shibarium Layer 2 platform.
With this advancement, Shiba Inu aims to enhance user empowerment capabilities. Simply put, SSI enables individuals to retain full control over their online identities. Rather than entrusting personal information to various websites and apps, SSI allows users to keep their data private, much like carrying one’s identification in a physical wallet.
As for its market value, $10 worth of SHIB currently buys 1,066,098 tokens, potentially transforming holders into SHIB millionaires. At the time of writing, SHIB is trading at $0.00000938.
Read Next:
Read Next: Bitcoin, Ethereum, Dogecoin Traded Mixed Amid CRV Hack Drama: Analyst Says King Crypto ‘Screaming Up’ As Halving Draws Near
Join Benzinga’s Future of Digital Assets in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.