{"id":311337,"date":"2023-03-22T11:30:39","date_gmt":"2023-03-22T11:30:39","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=311337"},"modified":"2023-03-22T15:18:34","modified_gmt":"2023-03-22T15:18:34","slug":"shib-burn-rate-up-a-staggering-8733-78-over-the-past-24-hours","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/shib-burn-rate-up-a-staggering-8733-78-over-the-past-24-hours\/","title":{"rendered":"SHIB burn rate up a staggering 8733% over the past 24 hours"},"content":{"rendered":"

Shiba Inu (SHIB<\/a>) burn rate is up an enormous 8733.78% in the last 24 hours, according to the Shibburn website.<\/p>\n

The burn rate of a token corresponds to a portion of the supply being sent to a burn token address, with the idea of putting deflationary pressure on a cryptocurrency's supply\/demand dynamic.<\/p>\n

\"Shib
(Source: Shibburn)<\/figcaption><\/figure>\n

SHIB burns skyrocket<\/h2>\n

In the case of SHIB, that has led to a total of over 750,000,000 SHIB being sent to a burn address in the last 24 hrs.<\/p>\n

SHIB\u00a0is a meme-themed cryptocurrency that has recently gained attention in the crypto market. The project was launched in August 2020 as an ERC-20 token on the Ethereum blockchain.<\/p>\n

The anonymous creators behind SHIB have not been revealed, but the project is backed by a decentralized autonomous organization (DAO) called Shibaswap.<\/p>\n

The price of SHIB is currently $0.00001, with a market cap of $6.38 billion and 24-hour trading volume of $327.94 million. The price of SHIB is also up 2.9% in the last 24 hour trading.<\/p>\n

SHIB controversy<\/h2>\n

The project has \u2014 since its founding \u2014 faced controversy over allegations of foul play by its developers \u2014 leading to a clash within the SHIB community who rallied behind and supported it during its early days.<\/p>\n

Speculation is also rampant that a number of DAOs and prominent individuals from within crypto were part of early efforts to pump SHIB \u2014 including potentially Sam Bankman-Fried (SBF).<\/p>\n

Read more: Shiba Inu community clash over allegations of foul play by developers<\/a><\/strong><\/p>\n

Other recent SHIB developments<\/h2>\n

More recently, reports have also emerged in the past 24 hours that SHIB whales have been moving millions from exchanges.<\/p>\n

According to a data from the market analytics firm Santiment, a total of 6 transactions took place on March 20 \u2014 amounting to 406 billion SHIB ($276 million) being transferred from an exchange wallet to a self-custody wallet.<\/p>\n

\"Santiment\"
(Source: Santiment)<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Shiba Inu (SHIB) burn rate is up an enormous 8733.78% in the last 24 hours, according to the Shibburn website. The burn rate of a token corresponds to a portion of the supply being sent to a burn token address, with the idea of putting deflationary pressure on a cryptocurrency’s supply\/demand dynamic. SHIB burns skyrocket […]<\/p>\n","protected":false},"author":1406,"featured_media":311344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,77968,77032,6849],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nSHIB burn rate up a staggering 8733% over the past 24 hours<\/title>\n<meta name=\"description\" content=\"The spike in burns corresponds with whales moving $276 million worth of Shib off exchanges, as well as changes to Shib's roadmap.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/shib-burn-rate-up-a-staggering-8733-78-over-the-past-24-hours\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHIB burn rate up a staggering 8733% over the past 24 hours\" \/>\n<meta property=\"og:description\" content=\"The spike in burns corresponds with whales moving $276 million worth of Shib off exchanges, as well as changes to Shib's roadmap.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/shib-burn-rate-up-a-staggering-8733-78-over-the-past-24-hours\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-22T11:30:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-22T15:18:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/shiba-inu-burn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dorian Batycka\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dorian Batycka\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/shib-burn-rate-up-a-staggering-8733-78-over-the-past-24-hours\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/shib-burn-rate-up-a-staggering-8733-78-over-the-past-24-hours\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/#person\",\"name\":\"Dorian Batycka\",\"url\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/dorian-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/dorian-author-300x300.jpg\",\"caption\":\"Dorian Batycka\"},\"jobTitle\":\"Contributor\",\"description\":\"Dorian Batycka is a journalist interested in art and technology. 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