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Shiba Inu’s Burn Rate Surges Over 13,000%

Shiba Inu ($SHIB), the second-largest meme coin, has seen a huge jump in its burn rate. According to Shibburn, a platform that tracks SHIB burns on Etherscan, the burn rate has surged by 13,070.90% in the last 24 hours.

This massive increase happened after over 2 billion SHIB tokens were sent to a dead wallet in a single transaction. Burning tokens means they are permanently removed from circulation, reducing the total supply.

In total, around 2.25 billion SHIB tokens were burned in the past 24 hours. So far, over 410.63 trillion SHIB tokens have been removed from the initial supply.

A higher burn rate can reduce supply, which might affect the price of SHIB. However, price movements also depend on factors like market trends and overall crypto sentiment.

As of now, SHIB is trading at $0.00001696, up 0.60% in the last 24 hours.

Congratulations to Brian Quintenz on his appointment as Chair of the Commodity Futures Trading Commission (CFTC).

This rounds out an incredible group of thoughtful, principled leaders who understand crypto and what this innovation means for the US and rest of the world.

This stellar group includes, Paul Atkins at the Securities and Exchange Commission (SEC), Scott Bessent at the Treasury Department, Jonathan Gould at the Office of the Comptroller of the Currency (OCC), Jonathan McKernan at the Consumer Financial Protection Bureau (CFPB), David Sacks as the White House AI and Crypto Czar, and Hester Peirce leading the SEC’s new Crypto Task Force. Special recognition also for Acting CFTC Chair Caroline Pham and Acting SEC Chair Mark Uyeda.

Excited to see the positive impact this team will have on the future of digital assets! 🚀