Self-proclaimed “Dogecoin killer” Shiba Inu has seen his token burn rate skyrocket in a single day.
To be exact, The cryptocurrency has seen a 2,500% increase in its burn rate after permanently withdrawing from circulation a total of 53.29 million SHIB tokens, as pointed out from Benzinga.
Although it is the first time it has occurred in 2024, it is only 8 days into the year, Shiba Inu has had similar movements in the last months of 2023. At the end of September, for example, the cryptocurrency shot up its burn rate by 1,000% and withdrew of circulation 164 million SHIB tokens.
Something similar happened at the end of November, when Shiba Inu reached a burn rate of 5,000%, which translates into the total destruction of approximately 2.7 million SHIB tokens.
According to data obtained from Shibburn, throughout 2023, the Shiba Inu community has actively engaged in self-induced token depletion practices, removing over 76 billion SHIB by transferring them to different wallet addresses.
Cryptocurrencies for less than 1 euro with growth potential in 2024
All of this has caused a lot of movement in the sector and analysts believe that the meme coin is ready for a price change after last Friday’s Bitcoin Spot ETF announcement.
Lucie, Shiba Inu’s marketing leader, has taken the opportunity to address the SHIB community to inform them about some incentives for accumulating SHIB and LEASH tokens.
To be exact, Lucie announced agreements to allocate almost 90 million Shiba Inu tokens along with a variety of LEASH tokens in the coming months.
“WAY TO EARN SOME $LEASH OR $SHIB
if you are #Shibapunkz
THE STAKING APP HAS BEEN UPDATED https://t.co/MZX96866xz
2 $LEASH AND 85,000,000 $SHIB WILL BE DISTRIBUTED IN THE NEXT 4 MONTHS! pic.twitter.com/mMSHS0I2xC”
