The burn rate of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has recently surged by more than 300% over the last 24-hour period after more than 12.4 million tokens were burned in a total of 31 transactions.
According to data from Shiba Inu burn tracking platform Shibburn the tokens were burned across a total of 31 transactions, but one seemingly dominated the total amount being burned.
The burn rate is rising at a time in which Shiba Inu’s team has partnered with domain firm D3 Global was announced, allowing users to acquire .shib domains. The partnership sees Shiba Inu become one of the first decentralized projects to partner with D3 to pursue a top-level domain via the Internet Corporation for Assigned Names and Numbers (ICANN). Some other networks have their own native addresses, with Ethereums’ ending in .eth.
Last month, SHIB unleashed an inferno on its tokens after a staggering 8.6 billion SHIB tokens sent for permanent deletion. This represented a remarkable 160,598% increase from the previous day’s burn rate.
Shiba Inu’s community burns tokens by moving them to addresses that no one controls – so-called dead addresses – to remove them from circulation and effectively reduce its available supply on the market. If met with stronger demand, the price could theoretically rise as a result.
Some analysts believe that Shiba Inu’s price could rise as adoption grows, and as such the team behind the project has been moving forward with partnerships to allow SHIB’s utility to grow.
Shiba Inu was recently one of the cryptocurrencies delisted from Uphold Canada, along with rival meme-inspired cryptocurrency Dogecoin (DOGE), Cardano (ADA), and a number of other cryptocurrencies.
Featured image via Unsplash.