NewsletterShiba Inu Burn Jumps 10,000% As Top Crypto Exchange Sends Millions To Burn Address
Crypto exchange Crypto.com sends 19,400,000 Shiba Inu (SHIB) tokens to the burn address, making the total SHIB burn to rise 10,109% in the last 24 hours.
The number of transactions burning SHIB tokens have declined in the last few weeks as investors hold onto their SHIB tokens amid the anticipated launch of the Shibarium Layer-2 blockchain on February 14, Valentine’s Day.
Crypto.com Sends Over 19 Million SHIB Tokens to Burn Wallet
According to the Shiba Inu burn tracker Shibburn, a total of 20,929,491 SHIB tokens were burned in the last 24 hours. The burn was contributed by 4 transactions to reduce the circulating supply of Shiba Inu tokens.
The largest burn of 19,400,000 in the last 24 hours was contributed by wallet address 0x463…758. Etherscan data revealed the wallet address is linked to the crypto exchange Crypto.com, which burns over 19 million SHIB on February 7 at 16:00 PM UTC.
The anticipated launch of Shiba Inu’s Layer-2 blockchain solution Shibarium caused the amount of SHIB burns to decline in the last few days. Investors are holding their SHIB tokens as lead developer Shytoshi Kusama hinted at the Shibarium beta launch on Valentine’s Day.
However, the Unification team working on the Shibarium revealed in its developer update that the Shibarium launch could be delayed. The community expects its launch in Q1 this year.
Shibarium will burn SHIB with every transaction. Also, trillions of Shiba Inu will be burned and taken out of circulation forever.
Shiba Inu Price To Hit $1
The Shiba Inu community anticipates the Shibarium beta launch could propel prices to hit $1 this year. However, experts believe $0.01 is still possible, but $1 is quite an impossible target this year.
SHIB price jumped nearly 2% in the last 24 hours, with the price currently trading at $0.00001423. The 24-hour low and high are $0.00001387 and $0.00001448, respectively.
Meanwhile, Shibarium’s gas token BONE is trading at $1.82, up nearly 2% from a 24-hour low of $1.75.
Also Read: Here’s How Shiba Inu Community Can Make Binance List BONE Before Shibarium
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Coinbase Ends $2B BVNK Acquisition Talks Amid Stablecoin Race
- Arthur Hayes Buys UNI as CryptoQuant CEO Says Supply Shock ‘Inevitable’ for Uniswap
- Grayscale Launches Options Trading For Solana ETF as SOL Funds Record 10 Consecutive Daily Net Inflows
- Firelight Confirms November Mainnet as Flare TVL Rises and Xaman Introduces Smart Accounts
- Cardano News: Wirex Partners EMURGO To Launch First Ever ADA Card
- Ethereum Price Outlook as Whales and Institutions Boost Holdings — Can ETH Reclaim $4K Before Year-End?
- Can Dogecoin Price Hold Above $0.17 Amid Weekly Surge?
- Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
- Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA
- Uniswap Price Soars 21% on Fee Switch and Token Burn Proposal— Eyes $15 Target
- Bitcoin Price Eyes Bulls as Crypto Market Structure Bill Draft Finally Drops
