Shiba 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