TL;DR<\/strong><\/p>\n <\/a><\/span><\/p>\n The popular meme coin Shiba Inu\u00a0witnessed<\/span><\/a>\u00a0a burn rate spike of 1,400% for the past 24 hours, resulting in more than 60 million tokens being removed from circulation. Since the beginning of the year, the number of destroyed assets has surpassed the 9 billion mark.<\/span><\/p>\n Shiba Inu has adopted that mechanism to reduce the tremendous circulating supply of SHIB, making it scarcer and potentially more valuable in the future. According to Shibburn, over 41% of the asset\u2019s maximum supply has already been burned.<\/span><\/p>\n Every time a transaction is made on the network, a certain percentage of the transaction fee is transferred to a null address. The process is complicated and includes manual and automated burns. Those curious to learn more about it can take a look at our guide\u00a0<\/span>here<\/span><\/a>.<\/span><\/p>\n Last week, the team behind Shiba Inu and the layer-2 blockchain solution Shibarium\u00a0<\/span>introduced<\/span><\/a>\u00a0\u201ca transformative token burning mechanism\u201d that aims to automate the entire system.<\/span><\/p>\n The latest burn rate spike coincides with SHIB\u2019s price rally. The token has climbed by 2.5% in the last 24 hours and 7% on a weekly scale. Its uptrend, though, could also be attributed to the overall bullish condition of the market, with most cryptocurrencies charting substantial gains.\u00a0<\/span><\/p>\n Bitcoin (BTC) has\u00a0<\/span>soared<\/span><\/a>\u00a0to a three-week high of almost $44,000, Solana (SOL) reclaimed the $100 mark, whereas Cardano\u2019s ADA is up 7%.<\/span><\/p>\n <\/p><\/div>\n","protected":false},"excerpt":{"rendered":" TL;DR Shiba Inu\u2019s burn rate spiked drastically, significantly reducing its circulating supply. The development aligns with SHIB\u2019s recent price increase amid a general upswing in the cryptocurrency market. The popular meme coin Shiba Inu\u00a0witnessed\u00a0a burn rate spike of 1,400% for the past 24 hours, resulting in more than 60 million tokens being removed from circulation. […]<\/p>\n","protected":false},"author":2,"featured_media":238622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-238621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/238621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=238621"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/238621\/revisions"}],"predecessor-version":[{"id":238624,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/238621\/revisions\/238624"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/238622"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=238621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=238621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=238621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
<\/span><\/p>\n![\"SHIB](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/01\/ShibaBurn_CB-1.jpg\")
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